July 05 2022 - 08:00PM
GlobeNewswire Inc.
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HIVE Blockchain Technologies Ltd. (TSX.V:HIVE) (Nasdaq: HIVE) (FSE: HBFA) (the “Company” or “HIVE”) announces that it expects that its annual report on Form 40-F (the “Form 40-F”), which contains its annual audited financial statements, as well was its CEO and CFO certifications and its management discussion and analysis filing in Canada for the fiscal year ended March 31, 2022 (collectively, the “Annual Filings”) will be released after the scheduled filing date of June 29, 2022. The Company currently anticipates being able to file the Annual Filings on or before July 15, 2022. As a result of the delayed filing, the Company received a letter dated July 1, 2022 (the "Letter") from the Listing Qualifications Department of the Nasdaq Stock Market ("Nasdaq") notifying the Company that it was not in compliance with the requirements of Nasdaq Listing Rule 5250(c)(1) due to not having timely filed the 40-F. The Letter has no immediate effect on the listing or trading of HIVE’s common shares on the Nasdaq Capital Market. The Letter states that the Company is required to submit a plan to regain compliance with Rule 5250(c)(1) within 60 calendar days. If the plan is accepted by Nasdaq, then Nasdaq can grant the Company up to 180 calendar days from the due date of the Form 40-F to regain compliance.
The Company has been late in the preparation of the Annual Filings due to a combination of factors including (i) the challenge of meeting the shorter filing deadline for non-venture issuers in Canada due to the Company’s recent listing on the NASDAQ and (ii) the rapid increase in the Company’s growth and the accompanying increase in the number of transactions. The Company does not anticipate such difficulties with future filings and is making arrangements to satisfy all filing requirements for future year ends, including hiring additional finance staff.
