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Gungun Bhatia
Aug 20, 2022
by Gungun Bhatia

BIT Mining Strives to Reassure Investors as NYSE Moves to Delist

BIT Mining

Table of contents

  1. Impact Of Market Conditions On BIT Mining
  2. Loss In The Second Quarter
BIT Mining, whose shares are now selling for less than $0.50 each, claimed that shareholders shouldn't be bothered about its current stock value even though the New York Stock Exchange (NYSE) alerted the company that it was "not in compliance" with its listing regulations.

In a statement on Friday, Bo Yu, the chairman, claimed,

"It should not be concerning that our stock is currently trading at these levels."
"Despite the tumultuous market conditions, rest assured that the current stock price will have no impact on our company's normal business operations and our ability to create value for our investors in the future."

Impact Of Market Conditions On BIT Mining

In the previous six months, market conditions negatively impacted stocks, prices, and revenues for everyone. According to a petition with the US Securities and Exchange Commission (SEC), the announcement followed a warning from NYSE to delist BIT Mining from the market for trading below $1 for more than 30 days. The NYSE threatened to suspend and strip the firm if it didn't follow those guidelines within six months. In response, BIT Mining informed the NYSE that it intended to "correct the defect," according to the company's statement with the SEC.

A subsequent $9.3 million was raised on August 19. Additionally, it highlighted its spending on R&D, citing the "in-house creation of a fresh generation of extremely efficient" miners as an example.

Yu informed the investors,

"These investments are in the future growth of our company and will yield the greatest returns in the medium to long term for our investors."

Loss In The Second Quarter

On Friday, BIT Mining reported a $21 million net loss for the second quarter. It revealed a $4.9 million cryptocurrency-related impairment charge, and $195.5 million in revenues, a 34% decrease from the prior quarter.

In anticipation of the release of the company's second-quarter financial report, BIT Mining CEO Xianfeng Yang stated,

"Over the past quarter, we have focused on R&D and identifying synergies across our vertically integrated supply chain. Cryptocurrency price weakness and higher energy prices have had a significant impact on stock prices and revenues of companies in our sector, including BIT Mining."
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BIT Mining Strives to Reassure Investors as NYSE Moves to Delist
Gungun Bhatia
Gungun is an enthusiastic writer that likes to create content for various aspects of the blockchain and crypto industry. She carries out extensive research and provides readers with informative and high-quality material.

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