On Wednesday, Industry Minister James Moore stated the Canadian government has been carefully watching BlackBerry as the smartphone maker weighs its options including an outright sale of the company.

"I know that they're facing their challenges and they're adjusting their firm internally in the way that best suits their interests," Moore said. "And all I can say is, we wish them well, and we're keeping a close eye on the situation."

Last week, BlackBerry announced that it has been exploring its options. The Waterloo, Ontario-based corporation lost its market share to Apple's iPhone and phones running the Android operating system of Google. BlackBerry's new line of smartphones launched earlier this year failed to meet expectations. The latest BlackBerry Q10 and Z10 did not attract many buyers which led to the company's newest considerations.

BlackBerry plunged by 2.8% to USD10.25 at the close in New York, reducing its market value to USD5.37 billion. BlackBerry's stocks have slumped by 14% in 2013, leaving it down by over 90% from its 2008 record high.