The crypto mining hardware company said its July 1 transfer leaves trading under CAN unchanged and may extend its deadline beyond July 13, 2026, to restore a minimum $1 closing bid price.
Canaan Inc. said Nasdaq approved the transfer of its American Depositary Shares, or ADSs, from the Nasdaq Global Market to the Nasdaq Capital Market, effective at the open on July 1, 2026. The company said the move does not affect trading in its ADSs, which continue to trade under the ticker CAN, but it gives Canaan a path to seek more time to cure a listing deficiency tied to Nasdaq's minimum bid price requirement. Nasdaq had notified Canaan on January 14, 2026, that its ADSs had closed below $1.00 for 30 consecutive business days, triggering an initial 180-day compliance period running through July 13, 2026. After moving to the Nasdaq Capital Market, Canaan applied on July 6, 2026 for an additional 180-day compliance period. If approved, the extension would give the company more time to regain compliance by keeping its closing bid price at or above $1.00 for at least 10 consecutive business days. Chairman and CEO Nangeng Zhang said the transfer provides flexibility as Canaan pursues its long-term strategy, including hardware manufacturing, operations growth and an energy-plus-compute strategy as AI and energy demand reshape computing markets. Founded in 2013, Canaan focuses on ASIC (application-specific integrated circuit) high-performance computing chip design, computing equipment production and software services, and said its founding team shipped the first batch of ASIC-based mining machines under the Avalon brand in 2013.