Bloomberg Tax
May 5, 2022, 6:26 PM

Chinese Crypto Mining Rig Maker Warns of Possible U.S. Delisting

David Jolly
David Jolly

Canaan Inc., a Chinese maker of crypto mining rigs, warned investors Thursday that it faces a possible delisting on U.S. exchanges after Securities and Exchange Commission flagged it for using an auditor whose work can’t be inspected by the U.S. audit regulator.

The company has been “provisionally named” by the SEC, a first step toward a forced delisting, it said in a statement from Beijing. “The company has been actively exploring possible solutions to protect the interest of its stakeholders,” it said, adding that it would “continue to comply with applicable laws and regulations in both China and the U.S., ...

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