Bit Origin Ltd Receives Nasdaq Notification Regarding Minimum Bid Price Deficiency

Rhea-AI Summary

Bit Origin Ltd (NASDAQ: BTOG) reported that it has received a notification from Nasdaq regarding non-compliance with the minimum bid price requirement of $1.00 per share. This deficiency was noted after the company's ordinary shares closed below the minimum bid price for 30 consecutive days. The company has until December 12, 2022, to regain compliance by securing a closing bid of at least $1.00 for 10 consecutive business days. Despite this notification, Bit Origin's operations remain unaffected, and the company is considering options, including a potential reverse share split.

Positive

• Company's operations remain unaffected despite the notification.
• Provided with a 180-day grace period to regain compliance.

Negative

• Received notification of non-compliance with Nasdaq's minimum bid price requirement.
• Closing bid price has been below $1.00 for 30 consecutive days, risking delisting.

New York, June 17, 2022 (GLOBE NEWSWIRE) -- Bit Origin Ltd (NASDAQ: BTOG) ("Bit Origin" or the "Company"), an emerging growth company engaged in crypto mining business with diversified expansion strategies, today announced that the Company received a written notification (the “Notification Letter”) from the Nasdaq Stock Market LLC (“Nasdaq”) on June 14, 2022, notifying the Company that it is not in compliance with the minimum bid price requirement set forth in Nasdaq Listing Rules for continued listing on the Nasdaq.

Nasdaq Listing Rule 5550(a)(2) requires listed securities to maintain a minimum bid price of US$1.00 per share, and Nasdaq Listing Rule 5810(c)(3)(A) provides that a failure to meet the minimum bid price requirement exists if the deficiency continues for a period of 30 consecutive business days. Based on the closing bid price of the Company's ordinary shares for the 30 consecutive business days from May 2, 2022, to June 13, 2022, the Company no longer meets the minimum bid price requirement.

The Notification Letter does not impact the Company's listing on the Nasdaq Capital Market at this time. In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company has been provided 180 calendar days, or until December 12, 2022, to regain compliance with Nasdaq Listing Rule 5550(a)(2). To regain compliance, the Company's ordinary shares must have a closing bid price of at least US$1.00 for a minimum of 10 consecutive business days. In the event the Company does not regain compliance by December 12, 2022, the Company may be eligible for additional time to regain compliance or may face delisting.

The Company's business operations are not affected by the receipt of the Notification Letter. The Company intends to monitor the closing bid price of its ordinary shares and may, if appropriate, consider implementing available options, including, but not limited to, implementing a reverse share split of its outstanding ordinary shares, to regain compliance with the minimum bid price requirement under the Nasdaq Listing Rules.

About Bit Origin Ltd

Bit Origin Ltd, formerly known as China Xiangtai Food Co., Ltd., is an emerging growth company operating in the United States and engaged in crypto mining business. The Company is also actively deploying blockchain technologies, alongside diversified expansion strategies. For more information, please visit https://bitorigin.io.

Safe Harbor Statement

This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that the Company believes may affect its financial condition, results of operations, business strategy, and financial needs. Investors can identify these forward-looking statements by words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results.

Company Contact

Bit Origin Ltd
Erick W. Rengifo
Phone: +1-347-556-4747
Email: ir@bitorigin.io

Investor Relations Contact

Ms. Tina Xiao, President
Ascent Investor Relations LLC
Phone: +1-917-609-0333
Email: tina.xiao@ascent-ir.com

FAQ

What is the reason for Bit Origin Ltd's non-compliance with Nasdaq?

Bit Origin Ltd received a notification from Nasdaq due to its ordinary shares closing below the minimum bid price of $1.00 for 30 consecutive business days.

How long does Bit Origin have to regain compliance with Nasdaq?

Bit Origin has until December 12, 2022, to regain compliance by achieving a closing bid price of at least $1.00 for 10 consecutive business days.

What could happen if Bit Origin does not regain compliance by the deadline?

If Bit Origin does not regain compliance by December 12, 2022, it may be eligible for additional time or could face delisting from Nasdaq.

Are Bit Origin's business operations affected by the Nasdaq notification?

No, Bit Origin's business operations are not affected by the receipt of the Nasdaq notification.

What strategies might Bit Origin consider to regain compliance?

Bit Origin may consider implementing available options such as a reverse share split to regain compliance with the Nasdaq listing rules.