Bit Origin Ltd Faces Nasdaq Compliance Challenge: 6-K Report Insights

Here are the key insights extracted from the 6-K financial report regarding Bit Origin Ltd:

1. Compliance Issue with Nasdaq:

• On January 3, 2025, Bit Origin Ltd received a notification from Nasdaq indicating that it no longer complies with the Nasdaq Listing Rules. Specifically, the company failed to maintain the required minimum stockholders' equity of $2,500,000 as stipulated in Nasdaq Listing Rule 5550(b)(1).

2. Current Stockholders' Equity:

• The company's reported stockholders' equity as of its Form 20-F for the year ended June 30, 2024, is $909,583, significantly below the required level for continued listing.

3. Response Timeframe:

• Bit Origin has 45 calendar days from the date of the notice to submit a plan to regain compliance with Nasdaq requirements. If the plan is accepted, the company may be granted an extension of up to 180 days to demonstrate compliance.

4. Trading Status:

• Despite the notification, the letter has no immediate effect on the company’s listing status. The ordinary shares of Bit Origin will continue to trade on Nasdaq under the symbol “BTOG” during the grace period.

5. Appeal Process:

• If Nasdaq does not accept the compliance plan submitted by the company, Bit Origin has the right to appeal the decision to a Hearings Panel.

6. Public Announcement:

• On January 8, 2025, Bit Origin issued a press release regarding the receipt of the Nasdaq notification about the minimum stockholder's equity non-compliance.

7. Company Leadership:

• The report is signed by Jinghai Jiang, who holds the positions of Chief Executive Officer, Chief Operating Officer, and Chairman of the Board.

This report highlights a significant compliance challenge for Bit Origin Ltd, which they need to address promptly to maintain their listing on the Nasdaq. The company's ability to submit a convincing compliance plan will be crucial to its future trading status.