Canaan Faces Nasdaq Non-Compliance Notice Due to Low Share Price

Published 2 hours agoCAN

Canaan Faces Nasdaq Non-Compliance Notice Due to Low Share Price

Canaan Inc. has recently been notified by Nasdaq that it is not in compliance with the exchange's listing standards due to its share price falling below the $1 threshold. This non-compliance notice was triggered after Canaan's stock traded below $1 for 30 consecutive trading days.

Nasdaq requires companies to maintain a minimum closing share price of $1. Canaan now has 180 days to bring its share price back above this level to regain compliance. If the company fails to do so within this timeframe, it risks being delisted. Simply Wall Street noted a volatile stock performance, with Canaan's stock dropping 26% over the past month and 21% in the past year, reflecting broader financial challenges.

In addition to the price drop, Canaan reported a net loss of $75.58 million in the third quarter of 2024, highlighting ongoing financial difficulties. Nasdaq.com detailed these challenges as part of the company's latest financial report. Canaan's management is tasked with reversing the share price decline and meeting Nasdaq's compliance standards to avoid potential delisting.

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