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AKRON, Ohio, July 7, 2023 /PRNewswire/ — BIT Mining Limited BTCM (“BIT Mining,” “the Company,” “we,” “us,” or “our company”), a leading technology-driven cryptocurrency mining company, today announced that it received a letter from the New York Stock Exchange (the “NYSE”), dated June 9, 2023, notifying the Company that it was not in compliance with applicable market capitalization and equity criteria (the “Market Cap and Equity Criteria”) in the NYSE’s continued listing standards because, as of June 8, 2023, the Company’s (i) average total market capitalization was less than $50 million over a consecutive 30 trading-day period, and (ii) last reported stockholders’ equity as of March 31, 2023 was less than $50 million.
In accordance with procedures in the NYSE’s Listed Company Manual, the Company has 90 days following its receipt of the notice to submit a business plan to the NYSE that demonstrates how the Company intends to regain compliance with the Market Cap and Equity Criteria within 18 months of receipt of the notice. The Company intends to develop and submit such a business plan to the NYSE. The business plan will then be reviewed for final disposition by the NYSE.
If the NYSE accepts the plan, the Company will be subject to quarterly monitoring for compliance with the business plan. If the NYSE does not accept the business plan, the Company will be subject to suspension and delisting procedures.
Notwithstanding the foregoing, the NYSE will promptly initiate suspension and delisting procedures with respect to a company that is determined to have an average market capitalization of less than $15 million over a consecutive 30 trading-day period.
The notice has no immediate impact on the listing of the Company’s American Depositary Shares (“ADSs”), which will continue to be listed and traded on the NYSE, subject to compliance with other NYSE continued listing standards and other rights of the NYSE to delist the ADSs. The Company is currently in compliance with…
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