Abits Group Receives Notice from NASDAQ Regarding Share Price Listing Requirements

April 16, 2024 by No Comments

Hong Kong, April 15, 2024 — Abits Group Inc (the “Company”) (NASDAQ: ABTS), a company engaged in bitcoin mining and related services business based in the United States, announced today that on April 12, 2024, it received a letter from The Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company that it is currently not in compliance with the minimum bid price requirement set according to Nasdaq Listing Rule 5550(a)(2). This resulted from the fact that the closing bid price of the Company’s ordinary shares was below $1.00 per share for a period of 30 consecutive business days. This press release is issued pursuant to Nasdaq Listing Rule 5810(b), which requires prompt disclosure of receipt of a deficiency notification. The notification has no immediate effect on the listing of the Company’s ordinary shares, which will continue to trade uninterrupted on Nasdaq under the ticker “ABTS”. Pursuant to Nasdaq Listing Rule 5810(c)(3)(A), the Company has a compliance period of 180 calendar days, or until October 9, 2024 (the “Compliance Period”), to regain compliance with Nasdaq’s minimum bid price requirement. If at any time during the Compliance Period, the closing bid price per share of the Company’s ordinary shares is at least $1.00 for a minimum of 10 consecutive business days, Nasdaq will provide the Company a written confirmation of compliance and the matter will be closed. In the event the Company does not regain compliance with the minimum bid price requirement by October 9, 2024, the Company may be eligible for an additional 180 calendar day grace period. About Abits Group Inc Abits Group Inc, a company organized in the British Virgin Islands in May 2021. Abits Group Inc operates in the State of Tennessee through a wholly owned subsidiary, ABIT USA, Inc., and also operates in Beijing and Hong Kong, China. Forward-Looking Statements This announcement contains forward-looking statements as defined in Section 21E of the Securities Exchange Act of 1934 as amended. For further information, please contact: Wanhong TanChief Financial Officer+852 9855 6575