Canaan Receives Delisting Warning from Nasdaq Due to Share Price Non-Compliance

On January 16, Canaan, a major cryptocurrency mining equipment manufacturer, announced that it had received a notification from the Nasdaq Stock Exchange for failing to meet the share price requirements. The cause was that the closing price of its American Depositary Shares (ADS) had fallen below $1 for 30 consecutive business days. Founded in 2013 and based in Singapore, Canaan specializes in the design of ASIC high-performance computing chips and the manufacturing of mining equipment. The company was listed on the Nasdaq Global Market in 2019. According to Nasdaq's rules, Canaan has been granted a 180-day grace period, until July 13, during which it must maintain a closing price of $1 or more for 10 consecutive business days...