Gate News, April 1, Bitcoin mining company Cango Inc. (NYSE: CANG) received a notification letter from the New York Stock Exchange (NYSE) dated March 10, informing it that it failed to meet the NYSE share price requirements for continued listing. As of March 9, the average closing price of Cango Class A common stock over the preceding 30 consecutive trading days was below $1.00, which does not comply with the requirements under Section 802.01C of the NYSE listing rules. Under the rules, Cango has a remediation period of six months from the date it receives the notice. If, during the remediation period, on the last trading day of any calendar month, both its closing price and the average closing price over the prior 30 trading days are not lower than $1.00, compliance can be restored. If the company still fails to meet the standard when the remediation period ends, the NYSE will initiate procedures to suspend trading and delist the stock. Cango stated that it has notified the NYSE of its intention to remediate and will continue to assess market conditions and feasible solutions. During the remediation period, Cango Class A common stock will continue to trade normally on the NYSE. This notice does not affect the company’s day-to-day operations, its filing obligations with the U.S. Securities and Exchange Commission (SEC), or other contractual obligations.
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