Hive Blockchain Technologies Ltd is a Vancouver-based cryptocurrency mining firm based in Canada. It said that it was sent a letter by Nasdaq asking the company to renew its annual Form 40-F report (“Form 40F”)
The letter stated that due to delays in filing, submit plans for meeting exchange listing compliance. Form 40F includes audited financial statement, chief executive officer and chief finance officer certification, management discussion, and analysis.
HIVE became public in 2017. It is listed on the Nasdaq and Toronto stock exchanges. The company plans to submit the documents on July 15.
According to the company, there will be a shorter deadline for non VC issuers in Canada because of its listing on U.S. exchanges.
HIVE didn’t attribute these factors to the recent crypto market winter, and stated that it would hire more people to fulfill the reporting tasks that were in the future.
The Nasdaq transaction stated that Hive Blockchain Technologies Ltd had failed to comply with Nasdaq Listing Rule 55250(c),(1) regarding its timely filing of an 40-F.
The company must submit a revised report on precompliance with Rule 5253(c)(1) within 60 days. If accepted by Nasdaq, the cryptocurrency miner may be granted up to 180 calendar day from the due date on its Form 40-F in order to regain compliance.
The daily income from crypto mining company is $550,000. This translates into approximately $200 million annually in revenue.
HIVE posted more than $68 million in revenues and more than $64 millions in net profits in the third quarter.
HIVE currently operates at a Bitcoin operating rate of 925 PHP/s. HIVE expects to increase its hashrate to one exahash per seconds (EH/s), with the acquisition of additional mining machines.
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