Bit Origin regains Nasdaq compliance with annual report filing By Investing.com

NEW YORK – Bit Origin Ltd (NASDAQ: BTOG), a company specializing in cryptocurrency mining with a current market capitalization of $6.52 million, has announced that it has regained compliance with Nasdaq’s Listing Rule 5250(c)(1) after filing its annual report for the fiscal year ended June 30, 2024. The report’s submission comes after the company received a notice of non-compliance from Nasdaq on November 20, 2024, due to a delay in filing. According to InvestingPro data, the company faces significant operational challenges, with a negative gross profit margin of -32.72%.

The Nasdaq Listing Rule requires companies to file periodic financial reports in a timely manner with the Securities and Exchange Commission (SEC). Bit Origin rectified the delay and received a subsequent notice from Nasdaq on December 27, 2024, confirming that it had regained compliance with the listing requirements.

Bit Origin, which operates in the United States, has shifted its focus from its former identity as China Xiangtai Food Co., Ltd. to become an emerging growth company in the crypto mining industry. Alongside its primary business, the company is also exploring the deployment of blockchain technologies as part of its diversified expansion strategies.

The company’s press release also included a safe harbor statement, cautioning investors that forward-looking statements involve risks and uncertainties. These statements are not guarantees of future performance, and actual results could differ materially from those projected.

The announcement is based on a press release statement from Bit Origin Ltd. Investors interested in the company’s progress and updates are encouraged to subscribe to email alerts through the company’s website.

In other recent news, Bit Origin Ltd, a firm operating in the cryptocurrency mining sector, has received a delinquency notice from the Nasdaq Stock Market due to a delay in submitting its annual report. The company disclosed this notification, which highlights its non-compliance with Nasdaq’s Listing Rule 5250(c)(1) for failing to submit its Form 20-F for the fiscal year that ended on June 30, 2024, in a timely manner. The company now has 60 days to present a plan to regain compliance, and if accepted, it could receive an extension of up to 180 days from the Form 20-F’s due date to avoid potential delisting.

Bit Origin, which transitioned from China Xiangtai Food Co., Ltd., is actively finalizing the overdue annual report and plans to file it promptly. The company, now concentrating on crypto mining and blockchain technology, aims to rectify its compliance issue with the SEC filing requirements. While the Nasdaq notice doesn’t immediately affect Bit Origin’s listing status, it does put the company in a position to address the filing delay swiftly.

These are recent developments in the company’s regulatory journey amidst heightened scrutiny in the cryptocurrency industry, where financial reporting and compliance are critical. Investors and market observers will closely monitor Bit Origin’s efforts to regain compliance.

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