Bitcoin (BTC) mining company Hive Blockchain (HIVE) has said it will delay reporting its interim financial statements for the three- and nine-month periods ending Dec. 31, 2022.
Hive has applied to the British Columbia Securities Commission for a management cease trade order (MCTO), which restricts its CEO and chief financial officer from trading shares until the filing has been completed.
The late filing is the result of an unforeseen tax notice in relation to one of Hive's European subsidiaries, the firm said on Wednesday.
The filings were due by Feb. 14 under Canadian securities law requirements. Hive said it will now file by Feb. 28, also saying that it expects to do so by Feb. 21.
The British Columbia Securities Commission says companies filing interim statements late receive a penalty of 200 Canadian dollars ($149) and are subject to potential cease trade order without further notice.
HIVE shares on the Toronto Stock Exchange Venture exchange (TSXV) are up 8.9% at 4.40 Canadian dollars at the time of writing.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.