NEW YORK – Bit Origin Ltd (NASDAQ: BTOG ), a cryptocurrency mining company with a current market cap of $6.52 million, announced that it has become compliant again with Nasdaq’s Listing Rule 5250(c)(1) after filing its annual reports for the fiscal year ended June 30, 2024. The filing comes after the company received a non-compliance notice from Nasdaq on November 20, 2024 due to delay in submission. According to InvestingPro data, the company faces significant operational challenges, with a negative gross profit margin of -32.72%.
The Nasdaq Listing Rule requires companies to file periodic financial reports with the Securities and Exchange Commission (SEC) on a timely basis. Bit Origin corrected the delay and received a follow-up notice from Nasdaq on December 27, 2024, confirming that it has regained compliance with the listing requirements.
Bit Origin, which operates in the United States, has shifted its focus from its former identity as China Xiangtai Food Co., Ltd. to become a growing company in the crypto mining industry. In addition to its primary business, the company is also exploring the implementation of blockchain technologies as part of its diversified expansion strategy.
The company’s press release also included a safe harbor statement, cautioning investors that forward-looking statements involve risks and uncertainties. These statements are not guarantees of future performance, and actual results may differ materially from those anticipated.
The announcement is based on a press release from Bit Origin Ltd. Investors interested in the company’s progress and updates are encouraged to subscribe to email alerts through the company’s website.
In other recent news, Bit Origin Ltd, a company operating in the cryptocurrency mining sector, received a notice of irregularity from the Nasdaq stock exchange for being late in filing its annual report. The company issued this notice, which highlights its failure to comply with Nasdaq Listing Rule 5250(c)(1) by failing to timely file its Form 20-F for the fiscal year ended June 30, 2024. The company now has 60 days to present a plan for re-compliance, and if accepted, could get an extension of up to 180 days from the Form 20-F due date to avoid potential delisting.
Bit Origin, which was transferred from China Xiangtai Food Co., Ltd., is actively completing its overdue annual report and plans to submit it immediately. The company, which now concentrates on crypto mining and blockchain technology, aims to correct the problem of compliance with SEC filing requirements. While the Nasdaq notice does not immediately affect Bit Origin’s listing status, it does put the company in a position to quickly resolve the filing delay.
These are recent developments in the company’s regulatory journey amid heightened scrutiny in the cryptocurrency industry, where financial reporting and compliance are critical. Bit Origin’s efforts to regain compliance will be closely monitored by investors and market watchers.
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