Crypto mining hardware manufacturer Canaan Inc. (NASDAQ: CAN) has received a delisting warning from Nasdaq.
This comes after its shares traded below $1 for 30 consecutive business days.
This is the second company in two months that has received a delisting letter from Nasdaq.
Canaan May Seek Extra Time or a Reverse Split
In a statement, the company said it was notified on Jan. 15 that it failed to meet the exchange’s minimum bid price requirement, which mandates a closing bid of at least $1 per share for ten straight trading days.
Nasdaq gave Canaan 180 days, until July 13, to regain compliance.
Canaan’s shares last closed above $1 on Nov. 28. On Friday last week, CAN had closed 3.82% lower at 0.7888.
Over the past year, the stock has fallen 60.76% amid declining mining rig demand as many miners pivot to providing computing power for artificial intelligence projects instead of crypto mining.
If the company fails to regain compliance by July 13, it may request an extension, which could include “effecting a reverse stock split if necessary,” Canaan said.
A reverse split reduces the number of outstanding shares, raising the value of those remaining.
Canaan’s notice follows similar actions by Nasdaq against other crypto-related firms.
In December 2025, Bitcoin treasury company Kindly MD (NASDAQ: NAKA) received a delisting warning after its shares remained under $1 for 30 trading days.
Nasdaq delisted Windtree Therapeutics in August 2025 for similar noncompliance.
Canaan Maintains Foothold Despite Delisting Fears
Despite market headwinds, Canaan has seen some large orders.
In October, a United States-based company purchased 50,000 of its latest Avalon A15 Pro rigs, its biggest sale in over three years, briefly boosting its stock price by 25%.
The firm also secured a $72 million strategic investment in November from BH Digital, Galaxy Digital and Weiss Asset Management to strengthen its balance sheet and fund infrastructure projects.