Blockchain Miner Hive receives deficiency letter from Nasdaq

Blockchain Miner Hive receives deficiency letter from Nasdaq

The listed crypto-miner Hive Blockchain Technologies announced on Monday that he received a letter from Nasdaq in which he asks the company to present a plan to re-long time comply with the listing rules of the stock exchange.

hive said it received a notification of the list of defects, which was issued by the qualification department of the stock exchange after the miner missed the deadline for the annual submission at the end of the last month.

his letter comes because many of the leading mining companies in the industry have difficulty making rounds due to changing macroeconomic conditions, increasing electricity costs and a lower Bitcoin price. Hive blamed none of these factors and explains that the missed deadline is due to a shorter submission period for non-venture emitters.

hive has 60 calendar days to present his plan, in which it is described in detail, as it intends to comply with Rule 5250 (C) (1). As soon as the plan has been completely accepted, the miner has up to 180 calendar days from the due date of its annual form 40f submission to regain conformity, said Hive in an explanation.

According to the rule, "a company must submit all the necessary regular financial reports to the Commission on the Edgar system or the other regulatory authority in good time", according to the Website the stock exchange .

last month that it will miss its deadline on June 29 for the financial year, which ended on March 31, and will probably be submitted on July 15th. The submission includes tested annual financial statements, certification of the Chief Executive and the Chief Financial Officer as well as management discussions, as well as analysis.

hive generated sales of more than $ 68 million with a net profit of over $ 64 million, according to the latest company information Annual financial statements .

As a result of the delay, Hive asked the supervisory authorities in all provinces and territories of Canada to issue a temporary arrangement that prohibits directors, leaders and insiders the trade with hive shares.

The Hive share price collapsed by more than 10 % after it became known that the company could not meet the annual submission period, from $ 4.42 Canadian dollars to $ 4.01. The mountain man's share price has recovered since then and has increased by 13.7 % of $ 3.83 in Canadian $ 3.40 on this day. Hive's share price has fallen by more than 76 % since the beginning of the year.

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The contribution Blockchain Miner Hive receives deficiency letter from Nasdaq is not a financial advice.