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This press release constitutes a “purported news release” for purposes of the Company’s August 16, 2021 prospectus supplement to its short form base prospectus dated August 12, 2021.
TORONTO and BROSSARD, QUEBEC, December 14, 2022 (GLOBE NEWSWIRE) — Bitfarms Ltd. (NASDAK: BITF // TSKS: BITF), a global independent Bitcoin mining company, announced today that on December 13, 2022, it received a written notice (“Notice letter”) with Nasdaq Stock Market LLC (“Nasdaq”) indicating that, over the last thirty consecutive business days, the offer price for the Company’s common stock (“Shares”) closed below the $1.00 per share minimum requirement for continued listing on the Nasdaq under Nasdak Listing Rule 5550(a)(2) (“Request for a minimum bid price“).
Pursuant to Nasdaq Listing Rule 5810(c)(3)(A), the Company is granted an initial period of 180 calendar days, or until June 12, 2023 (“Deadline for compliance”), to restore compliance. The letter states that Nasdaq staff will provide written notice that the Company has achieved compliance with Rule 5550(a)(2) if at any time prior to June 12, 2023, the offering price of the Company’s stock closes at $1.00 per share or more for at least ten consecutive working days. The Nasdaq letter is a notice of deficiency only and has no immediate effect on the listing or trading of the Company’s shares and the Shares will continue to trade on Nasdaq under the symbol “BITF”. The Company’s shares are also listed on the Toronto Stock Exchange and the Notice Letter does not affect the Company’s compliance status with such listing or affect the Company’s business or financial condition.
The Company intends to continuously monitor the offering price of its shares and, to the extent necessary, evaluate available options to regain compliance with Nasdaq’s minimum offering price rule during the compliance period. If the Company does not comply with Rule 5550(a)(2) by June 12, 2023, the Company may be eligible for an additional 180 calendar days.
About Bitfarms doo
Founded in 2017, Bitfarms is a global, publicly traded (NASDAQ/TSX: BITF ) independent bitcoin mining company. Bitfarms runs vertically integrated mining operations with in-house management and company-owned electrical engineering, installation service and on-site technical repairs. The company’s proprietary data analytics system delivers best-in-class operational performance and accelerated uptime.
Bitfarms has 10 mining facilities in production worldwide, located in four countries: Canada, United States, Paraguay and Argentina. Powered by predominantly environmentally friendly hydropower and long-term electricity contracts, Bitfarms is committed to using renewable, locally based and often underutilized energy infrastructure.
To learn more about Bitfarms events, development and online communities:
Website: www.bitfarms.com
https://www.facebook.com/bitfarms/
https://twitter.com/Bitfarms_io
https://www.instagram.com/bitfarms/
https://www.linkedin.com/company/bitfarms/
Warning statement
Trading in the Company’s securities should be considered highly speculative. No stock exchange, securities commission or other regulatory body has approved or disapproved of the information contained in this document. Neither the Toronto Stock Exchange, Nasdaq, nor any other securities exchange or regulatory body accepts responsibility for the adequacy or accuracy of this release.
Forward-looking statements
This release contains certain “forward-looking information” and “forward-looking statements” (collectively, “forward-looking information”) that are based on expectations, estimates and projections as of the date of this release and are covered by safe harbors under Canadian and US securities laws. Statements and information in this release regarding the Company’s efforts to regain compliance with the minimum bid price requirement, the Company’s intentions, plans and future actions, and Bitfarms’ ability to successfully mine digital currency, with revenue growth as currently expected, the ability to liquidate profitably the current and future inventory of digital currency, the volatility of network difficulties and the price of digital currency and the potential material adverse effect on the Company’s business, the construction and operation of the expanded blockchain infrastructure as currently planned, the regulatory environment for cryptocurrencies in applicable jurisdictions, statements regarding availability and implementation corrective actions to regain compliance with the minimum bid price requirement, the availability of any extension of time for compliance and the terms of any such extension that may be imposed by Nasdaq, and r. has the right to appeal any Nasdaq delisting order.
Any statements that include discussions regarding predictions, expectations, beliefs, plans, projections, goals, assumptions, future events or performance (often, but not always, using phrases such as “expects,” or “does not expect,” “expects ” , “anticipates” or “does not anticipate”, “plans”, “budget”, “planned”, “anticipates”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions , events or results “may” or “could”, “would”, “might” or “will” occur or will be achieved) are not statements of historical fact and may be forward-looking information aim to identify the future – seeking information.
This forward-looking information is based on the assumptions and estimates of the Company’s management at the time it is made, and involves known and unknown risks, uncertainties and other factors that could cause the Company’s actual results, performance or achievements to be materially different from any future results. , performance or achievements expressed or implied by such forward-looking information. Such factors include, but are not limited to, risks related to: the volatility of the stock’s trading price, at least in part due to the correlation between the trading prices of Bitcoin and the trading prices of Bitcoin mining companies and other factors unrelated to the Company’s operations. performance; global economic climate; dilution; the Company’s limited business history; future capital needs and the uncertainty of additional financing, including the Company’s ability to take advantage of the Company’s offering in the market (the “ATM Program”) and the prices at which the Company may sell common stock in the ATM Program, as well as capital market conditions in general; risks related to the strategy of maintaining and increasing Bitcoin holdings and the impact of Bitcoin price depreciation on working capital; the competitive nature of the industry; foreign exchange risks; the need for the Company to manage its planned growth and expansion; the effects of product development and the need for continuous technology change; the ability to maintain reliable and economical sources of energy to run its cryptocurrency mining assets; the impact of energy reductions or regulatory changes in energy regimes in the jurisdictions in which the Company operates; protection of property rights; the effect of government regulation and compliance on the company and the industry; network security risks; the Company’s ability to maintain properly functioning systems; reliance on key personnel; global economic and financial market deterioration that impedes access to capital or increases the cost of capital; and stock dilution resulting from the ATM program and other stock issuances. In addition, certain factors that could affect Bitfarms’ future results of operations include, but are not limited to: construction and operation of facilities may not occur as currently planned, or at all; the expansion may not materialize as currently expected or may not materialize at all; digital currency market; the possibility of successful mining of digital currency; revenue may not increase as currently expected or at all; it may not be possible to profitably liquidate the current digital currency inventory, or at all; a decline in digital currency prices may have a significant negative impact on business; an increase in network difficulty may have a significant negative impact on operations; digital currency price volatility; the expected growth and sustainability of hydroelectric power for cryptocurrency mining purposes in applicable jurisdictions; the inability to maintain reliable and economical sources of energy for the Cryptocurrency Mining Asset Management Company; the risks of an increase in the Company’s electricity costs, natural gas prices, currency exchange rate changes, energy reductions or regulatory changes in energy regimes in the jurisdictions in which the Company operates and a negative impact on the Company’s profitability; the ability to complete current and future financing, any regulations or laws that will prevent Bitfarms from operating; historical prices of digital currencies and the ability to mine digital currencies that will be consistent with historical prices; the inability to predict and mitigate the effects of COVID-19 on the Company’s operations, including, but not limited to, the effects of COVID-19 on the price of digital currencies, capital market conditions, labor restrictions and international travel and supply chains; and, the adoption or expansion of any regulation or law that will prevent Bitfarms from doing its business, or make it more expensive to do so. For further information regarding these and other risks and uncertainties, see the company’s filings at www.SEDAR.com (which are also available on the US Securities and Exchange Commission’s website at www.sec.gov), including the annual information form for the year ended December 31, 2021, filed on March 28, 2022. The Company has also assumed that no significant events occur outside of the ordinary course of Bitfarms’ business. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those expressed in the forward-looking statements, there may be other factors that cause results not to be as expected, estimated or planned. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on any forward-looking information. The Company undertakes no obligation to revise or update any forward-looking information except as required by law.
Contacts:
LHA Investor Relations
David Barnard
+1 415-433-3777
Investors@bitfarms.com
Actual Agencies
Matt Weaver
+1 339-234-3332
mediarelations@bitfarms.com
Quebec media: Tact
Louis-Martin Leclerc
+1 418-693-2425
lmleclerc@tactconseil.ca
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