BIT Mining Limited Regains Compliance with NYSE Continued Listing Standards

Rhea-AI Summary

BIT Mining (NYSE: BTCM) has successfully regained compliance with the NYSE's quantitative continued listing standards, as confirmed by a letter dated December 17, 2024. The company had previously fallen below the NYSE's minimum requirements on June 9, 2023, when both its average total market capitalization over 30 trading days and shareholders' equity were under $50 million.

Following this achievement, the below compliance ('.BC') indicator will be removed starting December 18, 2024, and the company will no longer be listed as below continued listing standards on NYSE's website. BIT Mining will undergo a 12-month follow-up review period to ensure maintained compliance with NYSE standards.

Positive

• Regained NYSE listing compliance by meeting $50 million threshold for market cap and shareholders' equity
• Removal of below compliance ('.BC') indicator from stock symbol

Negative

• Subject to 12-month follow-up review period with risk of falling below standards again

Insights

Financial Analyst

This regulatory compliance update marks a significant milestone for BIT Mining, demonstrating improved financial health with market capitalization and shareholders' equity now exceeding $50 million. Regaining NYSE compliance removes a significant overhang and reduces the risk of delisting, which is particularly important for institutional investors who may have restrictions on holding non-compliant stocks. However, the 12-month monitoring period suggests continued vigilance is necessary. The crypto mining sector's volatility and the company's need to maintain these metrics warrant careful monitoring. This development strengthens BIT Mining's market position and credibility, though operational performance and crypto market conditions will remain key drivers of future stability.

AKRON, Ohio, Dec. 18, 2024 /PRNewswire/ -- BIT Mining Limited (NYSE: BTCM) ("BIT Mining" or the "Company"), a leading technology-driven cryptocurrency mining company, today announced that it received a letter (the "Letter") from the New York Stock Exchange (the "NYSE"), dated December 17, 2024, notifying the Company that it has regained compliance with the NYSE's quantitative continued listing standards.

On June 9, 2023, the Company was notified by the NYSE that it was not in compliance with the NYSE's minimum market capitalization and shareholders' equity requirement (the "Market Cap and Equity Requirement") of Section 802.01B of the NYSE Listed Company Manual because its average total market capitalization over a consecutive 30 trading-day period and last reported stockholders' equity were both below $50 million. Pursuant to the Letter from the NYSE, as a result of the Company's achievement of compliance with the NYSE's Market Cap and Equity Requirement as of December 17, 2024, the Company is considered as back in compliance with the NYSE's quantitative continued listing standards and the below compliance (".BC") indicator will no longer be transmitted beginning with the opening of trading on December 18, 2024. Additionally, the Company will no longer be noted as being below continued listing standards on the NYSE's website (www.nyse.com). In accordance with the NYSE's Listed Company Manual, the Company will be subject to a 12-month follow-up period within which the Company will be reviewed to ensure that the Company does not once again fall below any of the NYSE's continued listing standards.

About BIT Mining

BIT Mining (NYSE: BTCM) is a leading technology-driven cryptocurrency mining company with operations in cryptocurrency mining, data center operation and mining machine manufacturing. The Company is strategically creating long-term value across the industry with its cryptocurrency ecosystem. Anchored by its cost-efficient data centers that strengthen its profitability with steady cash flow, the Company also conducts self-mining operations that enhance its marketplace resilience by leveraging self-developed and purchased mining machines to seamlessly adapt to dynamic cryptocurrency pricing. The Company also owns 7-nanometer BTC chips and has strong capabilities in the development of LTC/DOGE miners and ETC miners.

For more information:

BIT Mining Limited
ir@btcm.group
Ir.btcm.group
www.btcm.group 

Piacente Financial Communications
Brandi Piacente
Tel: +1 (212) 481-2050
Email: BITMining@thepiacentegroup.com

View original content:https://www.prnewswire.com/news-releases/bit-mining-limited-regains-compliance-with-nyse-continued-listing-standards-302334898.html

SOURCE BIT Mining Limited

FAQ

What NYSE listing requirements did BTCM regain compliance with?

BTCM regained compliance with NYSE's minimum market capitalization and shareholders' equity requirement of $50 million under Section 802.01B of the NYSE Listed Company Manual.

When will BTCM's below compliance ('.BC') indicator be removed?

The '.BC' indicator will be removed beginning with the opening of trading on December 18, 2024.

How long was BTCM below NYSE compliance standards?

BTCM was below NYSE compliance standards from June 9, 2023, until December 17, 2024, approximately 18 months.

What monitoring period will BTCM face after regaining NYSE compliance?

BTCM will be subject to a 12-month follow-up review period to ensure continued compliance with NYSE listing standards.