Canaan Inc. Receives Nasdaq Notification Regarding Minimum Bid Requirements

Rhea-AI Summary

Canaan Inc. (NASDAQ: CAN) has received a notification from Nasdaq on May 13, 2025, regarding non-compliance with minimum bid price requirements. The company's ADSs have traded below $1.00 per share for 30 consecutive business days. Canaan has been granted a 180-day compliance period until November 10, 2025, to regain compliance by maintaining a closing bid price above $1.00 for at least 10 consecutive business days. If unsuccessful, the company may be eligible for an additional 180-day period, subject to meeting certain listing requirements. Failure to comply within the allowed periods could result in delisting from Nasdaq.

Positive

• None.

Negative

• Stock price has fallen below $1.00 for 30 consecutive business days
• Risk of potential delisting from Nasdaq if compliance is not achieved
• Company needs significant stock price improvement to maintain listing

News Market Reaction – CAN

+3.37%

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+3.37% News Effect

On the day this news was published, CAN gained 3.37%, reflecting a moderate positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

SINGAPORE, May 16, 2025 /PRNewswire/ -- Canaan Inc. (NASDAQ: CAN) ("Canaan" or the "Company"), an innovator in crypto mining, today announced that on May 13, 2025, it received a written notice (the "Notice") from the Nasdaq Stock Market LLC ("Nasdaq") indicating that the Company was not in compliance with Nasdaq Listing Rule 5550(a)(2), as the closing bid price of its American depositary shares (the "ADSs") was below US$1.00 per share for the last 30 consecutive business days. The Nasdaq notification letter has no immediate effect on the listing or trading of the Company's securities on Nasdaq.

Pursuant to Nasdaq Listing Rule 5810(c)(3)(A), the Company has been granted a 180-calendar-day compliance period, or until November 10, 2025, to regain compliance with the minimum bid price requirement. To regain compliance, the closing bid price of the Company's ADSs must meet or exceed US$1.00 per share for at least 10 consecutive business days during the 180-calendar-day compliance period.

In the event the Company does not regain compliance by November 10, 2025, subject to the determination by the staff of Nasdaq, the Company may be eligible for an additional 180-calendar-day compliance period. To qualify for this additional time, the Company will be required to meet the continued listing requirement for market value of publicly held shares and all other initial listing standards for The Nasdaq Capital Market with the exception of the minimum bid price requirement and will need to provide written notice of its intention to cure the deficiency during the second compliance period. If the Company does not regain compliance within the allotted compliance period(s), including any extensions that may be granted by Nasdaq, Nasdaq will provide notice that the Company's ADSs will be subject to delisting.

The Company intends to continue monitoring the closing bid price of its ADSs and will take all reasonable measures in order to regain compliance with the Nasdaq minimum bid price requirement. The Company's ADSs will continue to be listed and trade on the Nasdaq Global Market during the compliance period, unaffected by the receipt of the Notice from Nasdaq.

This announcement is made in compliance with Nasdaq Listing Rule 5810(b), which requires prompt disclosure of receipt of a deficiency notification.

About Canaan Inc.

Established in 2013, Canaan Inc. (NASDAQ: CAN), is a technology company focusing on ASIC high-performance computing chip design, chip research and development, computing equipment production, and software services. Canaan has extensive experience in chip design and streamlined production in the ASIC field. In 2013, Canaan's founding team shipped to its customers the world's first batch of mining machines incorporating ASIC technology in bitcoin's history under the brand name Avalon. In 2019, Canaan completed its initial public offering on the Nasdaq Global Market. To learn more about Canaan, please visit https://www.canaan.io/.

Safe Harbor Statement

This press release contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, the business outlook and quotations from management in this announcement, as well as Canaan Inc.'s strategic and operational plans, contain forward-looking statements. Canaan Inc. may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission ("SEC") on Forms 20-F and 6-K, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Canaan Inc.'s beliefs and expectations, such as expectations with regard to mining hash rate deployment, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company's goals and strategies; the Company's future business development, the ability of the company to execute against its goals, financial condition and results of operations; the expected growth of the bitcoin industry and the price of bitcoin; the Company's expectations regarding demand for and market acceptance of its products, especially its bitcoin mining machines; the Company's expectations regarding maintaining and strengthening its relationships with production partners and customers; the Company's investment plans and strategies, fluctuations in the Company's quarterly operating results; competition in its industry; changing macroeconomic and geopolitical conditions, including evolving international trade policies and the implementation of increased tariffs, import restrictions, and retaliatory trade actions; and relevant government policies and regulations relating to the Company and cryptocurrency. Further information regarding these and other risks is included in the Company's filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Canaan Inc. does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

Investor Relations Contact

Canaan Inc.
Xi Zhang
Email: IR@canaan-creative.com

ICR, LLC.
Robin Yang
Tel: +1 (347) 396-3281
Email: canaan.ir@icrinc.com

View original content:https://www.prnewswire.com/news-releases/canaan-inc-receives-nasdaq-notification-regarding-minimum-bid-requirements-302458116.html

SOURCE Canaan Inc.

FAQ

What is the deadline for Canaan (CAN) to meet Nasdaq's minimum bid requirement?

Canaan has until November 10, 2025 to regain compliance by maintaining a closing bid price above $1.00 for at least 10 consecutive business days.

What happens if Canaan (CAN) fails to meet Nasdaq's minimum bid requirement by November 2025?

If Canaan fails to comply by November 10, 2025, they may be eligible for an additional 180-day period, subject to meeting certain listing requirements. If compliance is not achieved after extensions, the stock could face delisting from Nasdaq.

What is the minimum stock price Canaan (CAN) needs to maintain for Nasdaq compliance?

Canaan needs to maintain a closing bid price of at least $1.00 per share for a minimum of 10 consecutive business days to regain compliance.

Will Canaan (CAN) stock continue trading on Nasdaq during the compliance period?

Yes, Canaan's ADSs will continue to trade on the Nasdaq Global Market during the compliance period, unaffected by the notification.