Canaan Inc., a prominent Bitcoin mining hardware manufacturer, has received a formal notification from Nasdaq that its American depositary shares (ADSs) have fallen below the minimum $1 bid price required for continued listing. The stock closed below $1 for 30 consecutive business days, triggering the deficiency notice on January 14, 2026.
The company now has a 180-day grace period, ending July 13, 2026, to regain compliance. To do so, Canaan's share price must close at or above $1 for a minimum of 10 consecutive trading days. During this period, its shares will continue to trade under the ticker 'CAN' on Nasdaq without immediate impact.
If Canaan fails to meet the requirement by the July deadline, it may qualify for an additional 180-day extension. This would require the company to apply for a transfer, pay a $5,000 fee, and satisfy other initial listing standards, while confirming its intent to rectify the issue—potentially through a reverse stock split.
Following the announcement, Canaan's stock continued to trade well below the threshold, hovering around $0.79-$0.80 and even dropping 3% on January 16, 2026. The stock last traded above $1 in October 2025, following news of a 4.5 MW contract to connect its Bitcoin miners in Japan.
Canaan's management stated that operational activities remain unchanged and the company continues to focus on its core crypto mining hardware business. The firm indicated it will monitor its share price and consider all reasonable measures, including a reverse stock split, if market conditions prevent an organic recovery.
The company's performance is closely tied to demand for Bitcoin mining machines and broader cryptocurrency market conditions, with its stock showing a strong correlation to Bitcoin's price. Analysts' average price targets for CAN remain in the multi-dollar range, reflecting the company's Bitcoin treasury holdings, but this does not affect the immediate Nasdaq compliance requirement.
