Kindly MD (NAKA), a bitcoin treasury and healthcare company, faces being delisted from the Nasdaq exchange after its share price failed to meet minimum listing requirements.
The stock closed below $1 for 30 consecutive trading days, and the company has until June 8 to lift it above that level for 10 consecutive days to avoid delisting, it said in a Dec. 12 SEC filing.
The company was purchased in a reverse takeover by Nakomoto in August, which kept the KindlyMD name and changed the stock symbol. He owns 5,398 BTC ($466 million) and is the 19th largest corporate holder of bitcoins, according to BitcoinTreasuries.net.
The shares, which hit a record high in May when the deal was announced, have since fallen 99% and closed on Monday at 38 cents, a 0.817 multiple of net asset value (mNAV).
If the shares do not meet the listing requirement in June, there are still open avenues. Nasdaq can grant an extension, the company could potentially address the issue through a reverse stock split, or it can request the transfer to the Nasdaq Capital Market.
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