Bitcoin mining company BIT Mining is trying to assure investors that there is nothing to worry about after the New York Stock Exchange warned that the company was not in compliance with listing standards. BIT Mining’s stock has been trading below $1 for more than 30 consecutive days.
Bo Yu, BIT Mining Chairman, said it was not concerning that the company’s stock is trading at low levels. He said the current stock price will have no impact on the company’s normal business operations despite the tumultuous market conditions. Yu said BIT Mining has the ability to create value for its investors in the future. He shared that current market conditions have affected the industry, in general, in the past six months. It reflects poorly on stock prices and revenues for everyone in the sector.
Yu’s statements come after the NYSE said BIT Mining’s shares could be delisted for trading below $1 for more than 30 days. The company had six months to comply with the rules. If it doesn’t oblige, NYSE will go ahead with the suspension and delisting procedures. BIT Mining, in its SEC filing, said it plans to cure the deficiency. On June 23, the company’s stock fell below $1. It has declined about 85.8% in the last six months. Currently, its stock is priced at $0.39.
BIT Mining said the two rounds of funding that the company recently closed will help maximize the value of its investments, and continue further expansion. The company raised $16 million from the sale of 16 million shares on June 30, and another $9.3 million on August 19. This includes the in-house development of a new generation of highly efficient miners. Yu said the investments are in the future growth of the company and will yield the greatest returns in the medium to long term for the investors.
