Hive Blockchain Technologies Ltd, a Vancouver-based cryptocurrency mining company headquartered in Canada, said it received a letter from Nasdaq requesting the company to renew its annual report on Form 40-F (“Form 40-F”).
The letter reads, “due to delays in filing submit plans to meet exchange listing compliance”. Form 40-F includes audited financial statements, the chief executive officer and chief financial officer certification, management discussions, and analysis.
HIVE went public in 2017 and is currently listed on the Toronto exchange, Nasdaq, and Frankfurt stock exchange. The company expects to submit the relevant documents on July 15.
The delay in its annual report on Form 40-F, the company said, will face a shorter deadline for non-VC issuers in Canada due to its listing on U.S. exchanges.
HIVE did not attribute these factors to the recent cold winter in the cryptocurrency market and said it would hire more relevant employees to meet the reporting work that will be foreseen in the future.
The Nasdaq transaction noted that Hive Blockchain Technologies Ltd failed to comply with Nasdaq Listing Rule 5250(c)(1) of its timely filing of a 40-F.
The company is required to resubmit a planned report on pre-compliance with Rule 5250(c)(1) within 60 calendar days. If accepted, Nasdaq may grant the cryptocurrency miner up to 180 calendar days from the due date of its Form 40-F to regain compliance.
The crypto mining firm generates a daily income of $550,000 from its Bitcoin and Ethereum mining operations, which translates to approximately $200 million in annual revenue.
HIVE reported more than $68 million in revenue and more than $64 million in net profit in the third quarter of last year.
Currently, HIVE has a total Bitcoin operating hash rate of 925 PH/s. HIVE expects its hash rate to reach one exahash per second (EH/s) by August with the additional acquisition of mining machines.
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