BIT Mining Limited Receives Notice Regarding NYSE Continued Listing Standards

Rhea-AI Summary

BIT Mining received a notice from the NYSE stating that it is not in compliance with market capitalization and equity criteria. The company has 90 days to submit a business plan to regain compliance.

Positive

• BIT Mining has the opportunity to submit a business plan to regain compliance with the NYSE's Market Cap and Equity Criteria within 18 months.

Negative

• If the NYSE does not accept the business plan, BIT Mining may be subject to suspension and delisting procedures.

AKRON, Ohio, July 7, 2023 /PRNewswire/ -- BIT Mining Limited (NYSE: BTCM) ("BIT Mining," "the Company," "we," "us," or "our company"), a leading technology-driven cryptocurrency mining company, today announced that it received a letter from the New York Stock Exchange (the "NYSE"), dated June 9, 2023, notifying the Company that it was not in compliance with applicable market capitalization and equity criteria (the "Market Cap and Equity Criteria") in the NYSE's continued listing standards because, as of June 8, 2023, the Company's (i) average total market capitalization was less than $50 million over a consecutive 30 trading-day period, and (ii) last reported stockholders' equity as of March 31, 2023 was less than $50 million.

In accordance with procedures in the NYSE's Listed Company Manual, the Company has 90 days following its receipt of the notice to submit a business plan to the NYSE that demonstrates how the Company intends to regain compliance with the Market Cap and Equity Criteria within 18 months of receipt of the notice. The Company intends to develop and submit such a business plan to the NYSE. The business plan will then be reviewed for final disposition by the NYSE.

If the NYSE accepts the plan, the Company will be subject to quarterly monitoring for compliance with the business plan. If the NYSE does not accept the business plan, the Company will be subject to suspension and delisting procedures.

Notwithstanding the foregoing, the NYSE will promptly initiate suspension and delisting procedures with respect to a company that is determined to have an average market capitalization of less than $15 million over a consecutive 30 trading-day period.

The notice has no immediate impact on the listing of the Company's American Depositary Shares ("ADSs"), which will continue to be listed and traded on the NYSE, subject to compliance with other NYSE continued listing standards and other rights of the NYSE to delist the ADSs. The Company is currently in compliance with all other NYSE continued listing standards. The NYSE notice does not affect the Company's business operations, its U.S. Securities and Exchange Commission reporting requirements, or its contractual obligations.

About BIT Mining Limited

BIT Mining (NYSE: BTCM) is a leading technology-driven cryptocurrency mining company, with a long-term strategy to create value across the cryptocurrency industry. Its business covers cryptocurrency mining, mining pool, data center operation and mining machine manufacturing. The Company owns the world's top blockchain browser BTC.com and the comprehensive mining pool business operated under BTC.com, providing multi-currency mining services including BTC, ETC and LTC. The Company also owns a 7-nanometer cryptocurrency mining machine manufacturer, Bee Computing, enabling the Company's self-efficiency through vertical integration with its supply chain.

Forward-Looking Statements

This news release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "target," "going forward," "outlook" and similar statements. Such statements are based upon management's current expectations and current market and operating conditions and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company's control, which may cause the Company's actual results, performance or achievements to differ materially from those in the forward-looking statements. Important factors that could cause BIT Mining's actual results to differ materially from those indicated in the forward-looking statements. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the U.S. Securities and Exchange Commission. The Company does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under law.

For more information:
BIT Mining Limited
ir@btcm.group 
ir.btcm.group  
www.btcm.group 

Piacente Financial Communications
Brandi Piacente
Tel: +1 (212) 481-2050
Email: BITMining@thepiacentegroup.com 

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SOURCE BIT Mining Limited

FAQ

What did BIT Mining receive from the NYSE?

BIT Mining received a notice stating that it is not in compliance with market capitalization and equity criteria.

What is the deadline for BIT Mining to submit a business plan?

BIT Mining has 90 days to submit a business plan to the NYSE.

What happens if the NYSE accepts the business plan?

If the NYSE accepts the business plan, BIT Mining will be subject to quarterly monitoring for compliance.

What happens if the NYSE does not accept the business plan?

If the NYSE does not accept the business plan, BIT Mining may be subject to suspension and delisting procedures.

How long does BIT Mining have to regain compliance?

BIT Mining has 18 months from the receipt of the notice to regain compliance with the Market Cap and Equity Criteria.