Moxian Receives NASDAQ Notification Regarding Minimum Bid Requirements

Rhea-AI Summary

Moxian (BVI) Inc (NASDAQ: MOXC) announced it is not in compliance with Nasdaq’s minimum bid price requirement as its Class A shares closed below $1.00 for 30 consecutive business days. Nasdaq notified the Company on November 11, 2022, and the Compliance Period ends on May 10, 2023. If Moxian's share price reaches $1.00 for 10 consecutive business days during this timeframe, compliance will be confirmed. If not, the Company may qualify for an additional 180-day grace period. The stock will continue trading uninterrupted on Nasdaq.

Positive

• The Company has until May 10, 2023, to regain compliance with Nasdaq's bid price requirement.
• Moxian can be eligible for an additional 180-day grace period if compliance is not achieved by the initial deadline.

Negative

• The share price has remained below $1.00, indicating potential financial distress.
• Failure to regain compliance could lead to further scrutiny and potential delisting.

Hong Kong, Nov. 16, 2022 (GLOBE NEWSWIRE) -- Moxian (BVI) Inc (“Moxian” or the “Company”) (NASDAQ: MOXC), a company engaged in bitcoin mining and related services in the United States, today announced that on November 11, 2022, it received a letter from The Nasdaq Stock Market LLC (“Nasdaq”), notifying the Company that it is currently not in compliance with the minimum bid price requirement set forth under Nasdaq Listing Rule 5550(a)(2). It resulted from the fact that the closing bid price of the Company’s Class A common shares was below $1.00 per share for a period of 30 consecutive business days. This press release is issued pursuant to Nasdaq Listing Rule 5810(b), which requires prompt disclosure of receipt of a deficiency notification. The notification has no immediate effect on the listing of the Company’s common shares, which will continue to trade uninterrupted on Nasdaq under the ticker “MOXC”.

Pursuant to Nasdaq Listing Rule 5810(c)(3)(A), the Company has a compliance period of 180 calendar days, or until May 10, 2023 (the “Compliance Period”), to regain compliance with Nasdaq’s minimum bid price requirement. If at any time during the Compliance Period, the closing bid price per share of the Company’s common shares is at least $1.00 for a minimum of 10 consecutive business days, Nasdaq will provide the Company a written confirmation of compliance and the matter will be closed.

In the event the Company does not regain compliance with the minimum bid price requirement by May 10, 2023, the Company may be eligible for an additional 180 calendar day grace period.

About Moxian (BVI) Inc

Moxian (BVI) Inc, a company organized in the British Virgin Islands in May 2021, is the surviving company following its merger with Moxian, Inc. in August 2021. Moxian (BVI) Inc operates in the States of New York and Georgia in the U.S. 

Forward-Looking Statements 

This announcement contains forward-looking statements as defined in Section 21E of the Securities Exchange Act of 1934 as amended. These forward-looking statements are based on the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995 and may be governed by terms such as “will,” “expect,” “anticipate,” “future,” “intend,” “plan,” Believe, “estimate”, “potential”, “continue”, “in progress”, “goal”, “guidance expectations” and similar statements are identified. The company may also include in its periodic reports to the US Securities and Exchange Commission (“SEC”), annual reports to shareholders, press releases and other written materials, as well as oral statements from third parties to the company’s management, directors or employees. Any statements that are not historical facts, including statements about the company’s philosophy and expectations, are forward-looking statements that involve factors, risks, and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. These factors and risks include, but are not limited to, the following: company’s goals and strategies; future business development; financial status and operating results; expected growth of bitcoin mining industry and Internet media marketing industry; demand and acceptance of the company’s products and services; the relationship between the company and strategic partners; industry competition; and policies and regulations related to the company’s structure, business and industry. More detailed information about these and other risks and uncertainties is included in the company’s filings with the Securities and Exchange Commission. All information provided in the company’s introduction is the latest information as of the date of publication of the company. Except as provided by applicable law, the company is not obligated to update such information. 

For further information, please contact: 

Wanhong Tan
Chief Financial Officer
+852 9855 6575
yf@abitgrp.com

FAQ

What does the Nasdaq notification mean for Moxian (MOXC)?

The notification indicates Moxian is not meeting the minimum bid price requirement, which could lead to delisting if not resolved by May 10, 2023.

How long does Moxian have to regain compliance with Nasdaq?

Moxian has 180 calendar days until May 10, 2023, to bring its share price back above $1.00.

What happens if Moxian fails to meet Nasdaq's requirements?

If Moxian does not regain compliance by the deadline, it may qualify for an additional 180-day grace period.