HONG
KONG, August 5,
2022 /PRNewswire/ -- BIT Mining Limited (NYSE:
BTCM) ("BIT Mining" or the "Company"), a leading technology-driven
cryptocurrency mining company, today announced that it received a
letter from the New York Stock Exchange (the "NYSE"), dated
July 29, 2022, notifying the Company
that it was not in compliance with applicable price criteria (the
"Price Criteria") in the NYSE's continued listing standards
because, as of July 28, 2022, the
average closing price of the Company's American Depositary Shares
(the "ADSs") was less than US$1.00
per ADS over a consecutive 30 trading-day period.
Pursuant to Section 802.01C of the NYSE's Listed Company Manual,
the Company has six months ("the Cure Period") following receipt of
the notice to regain compliance with the minimum share price
requirement. The Company can regain compliance at any time during
the Cure Period if on the last trading day of any calendar month
during the Cure Period the Company has a closing share price of at
least US$1.00 per ADS, and an average
closing share price of at least US$1.00 per ADS over the 30 trading-day period
ending on the last trading day of that month. In the event that at
the expiration of the Cure Period, both a US$1.00 per ADS closing share price on the last
trading day of the Cure Period and a US$1.00 per ADS average closing share price over
the 30 trading-day period ending on the last trading day of the
Cure Period are not attained, the NYSE will commence suspension and
delisting procedures.
The Company has notified the NYSE on August 4, 2022 of its intent to cure the
deficiency.
During the Cure Period, the Company's ADSs will continue to be
listed and traded on the NYSE, subject to compliance with other
NYSE continued listing standards and other rights of the NYSE to
delist the ADSs. The Company is currently in compliance with all
other NYSE continued listing standards. The NYSE notice does not
affect the Company's business operations, its U.S. Securities and
Exchange Commission reporting requirements or contractual
obligations.
About BIT Mining
BIT Mining (NYSE: BTCM) is a leading technology-driven
cryptocurrency mining company, with a long-term strategy to create
value across the cryptocurrency industry. Its business covers
cryptocurrency mining, mining pool, and data center operation. The
Company owns the world's top blockchain browser BTC.com and the
comprehensive mining pool business operated under BTC.com,
providing multi-currency mining services including BTC, ETH and
LTC. The Company also owns a 7-nanometer cryptocurrency mining
machine manufacturer, Bee Computing, completing the Company's
vertical integration with its supply chain, increasing its
self-sufficiency and strengthening its competitive position.
Forward-Looking Statements
This news release contains forward-looking statements within the
meaning of Section 21E of the Securities Exchange Act of 1934, as
amended, and as defined in the U.S. Private Securities Litigation
Reform Act of 1995. These forward-looking statements can be
identified by terminology such as "will," "expects," "anticipates,"
"future," "intends," "plans," "believes," "estimates," "target,"
"going forward," "outlook" and similar statements. Such statements
are based upon management's current expectations and current market
and operating conditions and relate to events that involve known or
unknown risks, uncertainties and other factors, all of which are
difficult to predict and many of which are beyond the Company's
control, which may cause the Company's actual results, performance
or achievements to differ materially from those in the
forward-looking statements. Important factors that could cause BIT
Mining's actual results to differ materially from those indicated
in the forward-looking statements. Further information regarding
these and other risks, uncertainties or factors is included in the
Company's filings with the U.S. Securities and Exchange Commission.
The Company does not undertake any obligation to update any
forward-looking statement as a result of new information, future
events or otherwise, except as required under law.
For further information:
BIT Mining Limited
ir@btcm.group
ir.btcm.group
www.btcm.group
The Piacente Group, Inc.
Brandi Piacente
Tel: +1 (212) 481-2050
Email: BITMining@thepiacentegroup.com
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SOURCE BIT Mining Limited