Nasdaq has notified Bitcoin mining hardware manufacturer Canaan Inc. that it faces the risk of delisting if it fails to regain compliance with the exchange’s minimum share price requirement.
The company disclosed that it has until July to ensure its shares trade above $1 for at least ten consecutive trading days. If the threshold is not met, Nasdaq may proceed with delisting, although the exchange can grant an additional compliance extension under certain conditions.
Canaan’s shares, trading under the ticker CAN, are currently priced at around $0.79. The stock experienced a brief rally in October after the company announced an order for 50,000 Avalon A15 Pro mining rigs—the largest hardware order it has received in the past three years. However, the momentum quickly faded, and the stock failed to sustain higher levels. Since 2022, Canaan shares have not traded above $5.
If compliance is not restored, the company may consider a reverse stock split, a corporate action commonly used by firms in similar situations to increase the nominal share price by reducing the number of outstanding shares.
Additional pressure emerged in December when Streeterville Capital, Canaan’s largest institutional investor at the time, fully exited its position. The divestment, valued at approximately $439 million, was disclosed in filings submitted to the U.S. Securities and Exchange Commission.
Canaan is not the only crypto-related firm to receive a warning from Nasdaq. Amid tighter listing standards and prolonged weakness in small-cap equities, several digital asset and blockchain companies are facing similar compliance challenges, despite operational progress or commercial announcements.
Source: Company disclosures, regulatory filings, and market data from Nasdaq and Yahoo Finance.
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