- NYSE informs Bit Mining as its stocks are trading below $1 for more than 30 successive days.
- Against the notice, Bit Mining reassures the investors about the investment’s return in the medium to long term.
The New York Stock Exchange notifies leading crypto mining firm, Bit Mining due to its “not in compliance” with listing standards. Bit Mining reports its net loss of about $21.0 million and $195.5 in revenue in its second quarter.
At present, Bit Mining is trading at a low price of $0.39. In Spite of its low pricing the firm assures its investors to not be concerned about their investments. It also must be noted that the firm got the notice from NYSE as its successive 30 days lower performance in its listing.
What Does Bit Mining Head Stated?
Bo Yu, is the Board of Director of Bit Mining crypto mining firm. On this Friday, Yu stated that, “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.”
Yu refers to the current market condition by adding, “poorly on the stock prices and revenues for everyone in the sector” in his words, from the past six months. While he also said to the investors that, “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.”
The CEO of BIT Mining, Xianfeng Yang, further added in the second-quarter earnings report that, “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.”
Bit Mining’s Previous Performance
As per the analysis of Yahoo Finance, On June 23 the stock of Bit Mining fell below $1. Also, from the last six months its stock price dropped around 85.8% and at present it is performing at the lower price of $0.39.
The firm also posted its net loss of $21 million in its second quarter. The firm also reported a loss charge related to crypto of $4.9 million. Also, in the previous quarter the revenue was $195.5 million with a down of 34%.
Furthermore, the firm added that the two funding rounds will help to “maximise the value of our investments for the future of the company and continue our further expansion. It raised $16 million from the sale of 16 million shares on June 30 and an additional $9.3 million on August 19.”
The firm also points out its research and development based investments by including, “in-house development of a new generation of highly efficient” miners into it.