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Odaily Translator | Nian Yin Si Tang

Summary:

Summary:

- The NYSE notified BIT Mining that the company "does not meet" listing criteria as its share price has been below $1 for more than 30 consecutive days.

- BIT Mining stated that investors need not worry, its investment will generate returns in the medium to long term.

- The company reported a net loss of $21 million in the second quarter on revenue of $195.5 million.

Bitcoin miner BIT Mining, which is trading below $0.50, says investors need not worry about its current share price, despite warnings from the New York Stock Exchange (NYSE) that the company "does not meet" listing criteria.

"(Although) our stock is currently trading at such a level, investors need not worry," Chairman Bo Yu said in a statement on Friday. "Despite the volatile market situation, please rest assured that the current stock price will not affect the normal business operations of our company and our ability to create value for investors in the future."

Over the past six months, current market conditions have impacted the industry as a whole, reflected in "the poor share price and poor revenue of all companies in this industry," Yu said.And just in early August, a document from the US Securities and Exchange Commission (SEC) showed that the New York Stock Exchange issuednotify

BIT Mining's stock could be delisted for trading below $1 for more than 30 days, according to the report.

The company was given six months to comply with the rules or "the NYSE will initiate the suspension and delisting process." BIT Mining said in an SEC filing that the company has since told the NYSE that it intends to "address this shortcoming."

According to data from Yahoo Finance, BIT Mining's share price fell below $1 on July 23. Its shares have fallen 85.8% over the past six months, closing at $0.39 on Friday.The two recently completed rounds of financing will help "the company maximize the value of its investment going forward and continue our further expansion," the company said on June 30.，Issued approximately US$16 million (after deducting placement agent fees and other issuance expenses) of American Depositary Shares (ADS)Completed an additional $9.3 million in registered direct offerings on August 19

. BIT Mining also pointed to the company's investment in research and development, including "in-house development of a new generation of highly efficient mining machines."

"These investments are designed to fuel the company's future growth and will generate the greatest returns for our investors in the medium to long term," Yu said.

On Friday, BIT Mining reported a net loss of $21 million for the second quarter. The company reported a $4.9 million impairment charge related to cryptocurrencies. Revenue was $195.5 million, down 34% from the previous quarter.

“Over the past quarter, we have focused on R&D and identifying synergies in our vertically integrated supply chain. Weak cryptocurrency prices and rising energy prices have had a significant impact on share prices and revenues of companies in our industry, including of course BIT Mining, ’ said Xianfeng Yang, chief executive of BIT Mining, ahead of the company’s second-quarter earnings release.The company recently announcedSale of its subsidiary Loto Interactive,returnAcquired Bee Computing, a manufacturer of crypto mining machines

. BIT Mining has four major business segments: self-mining, mining pools, data center operations and mining machine manufacturing.