Business Context and Reporting Period
This Form 6-K filing by BIT ORIGIN Ltd (BTOG) covers the month of November 2024. The company is a foreign private issuer headquartered in Singapore. The filing addresses a regulatory compliance issue regarding the delayed submission of its annual report (Form 20-F) for the fiscal year ended June 30, 2024.
Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report is a current event disclosure regarding listing status and does not contain financial performance data.
Material Changes
The primary material change is the receipt of a delinquency notification from Nasdaq on November 20, 2024. The company is currently non-compliant with Nasdaq Listing Rule 5250(c)(1) due to the failure to file its Form 20-F for the year ended June 30, 2024. Despite this notification, the company's ordinary shares continue to trade on the Nasdaq Capital Market under the symbol "BTOG" with no immediate suspension of trading.
Guidance, Outlook, and Risks
- Compliance Timeline: The company has 60 calendar days to submit a plan to regain compliance, with a deadline of January 20, 2025.
- Extension Possibility: If Nasdaq accepts the compliance plan, the company may receive an exception of up to 180 calendar days from the original due date, extending the deadline to May 12, 2025.
- Appeal Rights: If the compliance plan is rejected, the company retains the right to appeal the decision to a Nasdaq Listing Qualifications Panel and request a hearing.
- Risk of Delisting: Failure to regain compliance within the granted timeframe could result in the delisting of the company's shares.
Key Facts for Investor Verification
- Verify the status of the Form 20-F filing for the fiscal year ended June 30, 2024.
- Monitor the submission of the compliance plan to Nasdaq by the January 20, 2025 deadline.
- Confirm whether Nasdaq accepts the compliance plan or grants an extension to May 12, 2025.
- Review the press release dated November 21, 2024 (Exhibit 99.1) for additional management commentary on the situation.