Blockchain miner HIVE Blockchain Technologies has received a Letter of Deficiency from Nasdaq requesting the firm to submit a plan to regain compliance under the exchange’s listing rules.
Nasdaq’s Qualifications Department issued a Notification of Deficiency Listing to HIVE following the miner’s missed annual filings deadline late last month.
The firm has 60 days to submit its plan detailing how it intends to comply with Rule 5250(c)(1). After the plan has been accepted, HIVE has up to 180 calendar days from the due date of its annual Form-40F filing to regain compliance.
Under the above-mentioned rule, “a company shall timely file all required periodic financial reports with the commission through the EDGAR System or with the other regulatory authority,” according to Nasdaq’s website.
HIVE had already announced that it would miss the June 29 deadline for the fiscal year which ended on March 31. It would instead file by July 15.
HIVE blamed a “combination of factors,” including a shorter filing deadline for non-venture issuers, a rapid increase in the company’s growth and an increase in the number of transactions resulting from that growth for the delay.
The firm has asked regulators across all provinces and territories of Canada to issue a temporary order inhibiting directors, officers and insiders from trading in HIVE equities due to the delay.
According to HIVE’s financial statements, the firm made more than $68 million in revenue with a net profit exceeding $64 million for the third quarter of last year.A few months ago, the Canadian crypto miner struck a deal with Intel for acquiring custom-built ASIC chips, which is expected to increase the Bitcoin mining hashrate of HIVE by up to 95% from its current rate.
