Canaan (CAN) announced that on January 14, it received a written notice from the Nasdaq Stock Market 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 was below $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 July 13, 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 $1.00 per share for at least 10 consecutive business days during the 180-calendar-day compliance period.
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