Crypto miner Canaan on July 1 completed the transfer of its American Depositary Shares to the Nasdaq Capital Market from the Nasdaq Global Market. The move came after the company received a non-compliance notice on Jan. 14, indicating that it was not in compliance with the minimum bid price requirement, as the closing bid price of its ADSs, which still trade under the symbol "CAN," remained below $1.00 for 30 consecutive business days. It was granted until July 13 to regain compliance. With the move, the crypto mining company to access an additional 180-day compliance period to meet minimum bid-price requirements. While the shift doesn't change how its ADSs trade, it provides more runway under Nasdaq's listing rules. CEO Nangeng Zhang says the transfer gives Canaan "maximum flexibility" as it executes its long-term strategy.
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