Blockchain Miner HIVE receives letter about shortage from Nasdaq

The listed crypto miner HIVE Blockchain Technologies said on Monday that they have received a letter from Nasdaq asking the company to submit a plan to regain compliance under the exchange’s listing rules.

HIVE said that they have received a notification of a defect list issued by the stock exchange’s qualification department after the miner’s lost annual submission deadline late last month.

The letter comes as many of the industry’s best mining companies are struggling to make ends meet as a result of changing macroeconomic conditions, rising electricity costs and a lower bitcoin price. HIVE has not blamed any of these factors and said that the deadline that was omitted stems from a shorter submission deadline for non-venture issuers.

HIVE has 60 calendar days to submit the plan describing how it intends to comply with Rule 5250 (c) (1). Once the plan has been accepted in full, the miner has up to 180 calendar days from the due date for his annual Form-40F submission to regain compliance, HIVE said in a statement.

According to the rule, “a company must submit all necessary periodic financial reports to the commission through the EDGAR system or with the other regulatory authority,” according to the exchange’s website.

Last month, HIVE said they would miss the June 29 deadline for the fiscal year, which ended March 31 with more than two weeks and is expected to be submitted by July 15. The submission includes audited accounts, certifications from the CEO and CFO and management discussion. , as well as analysis.

HIVE had more than $ 68 million in revenue with a net profit of over $ 64 million for the third quarter last year, according to the company’s recent accounts.

As a result of the delay, HIVE has asked regulators across all provinces and territories in Canada to issue a temporary order preventing directors, officers and insiders from trading in HIVE shares.

At the time, the firm blamed a “combination of factors”, including a shorter filing deadline for non-venture issuers, a rapid increase in the company’s growth and an increase in the number of transactions resulting from this growth.

HIVE’s share price fell more than 10% after the announcement that they failed to meet the annual submission deadline, from $ 4.42 Canadian dollars ($ 3.43) to $ 4.01 Canadian dollars. The miner’s share price has since risen, up 13.7% on the day, from $ 3.83 Canadian dollars ($ 2.94) to $ 4.40 Canadian dollars ($ 3.38). So far this year, HIVE’s share price has fallen by more than 76%.

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