Nasdaq Issues Delisting Warning to Crypto Miner Canaan

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Crypto mining hardware manufacturer Canaan Inc. has received a warning from the Nasdaq exchange, stating it must increase its share price within 180 days or face delisting. The company’s shares have fallen 63% over the past 12 months.

Canaan stated on Friday that Nasdaq notified it of non-compliance with listing rules this past Wednesday. This was due to the stock’s closing bid price remaining below $1 for the preceding 30 consecutive business days.

The exchange has given Canaan until July 13 to regain compliance. To do so, its closing bid price must reach at least $1 per share for a minimum of 10 consecutive trading days. Canaan shares last closed above $1 on November 28.

This challenge for Canaan coincides with an industry shift, as many mining firms have moved operations toward providing computing power for artificial intelligence. This trend has reduced their purchases of new crypto mining rigs.

Canaan stock closed at $0.79 on Friday, marking a daily decline of 3.8%. The shares have not traded above $3 since December of 2024.

The company noted that if it fails to regain compliance by the July deadline, Nasdaq staff could potentially grant it additional time to meet the minimum bid price requirement.