Kindly MD (NAKA), a healthcare and bitcoin treasury firm, is at risk of being delisted from the Nasdaq exchange due to its share price not meeting minimum listing standards.
For 30 consecutive trading days, the stock has closed below $1. The company has until June 8 to raise its share price above that level for a sustained period of 10 days to prevent delisting, as stated in an SEC filing on Dec. 12.
The company was acquired in a reverse merger with Nakomoto in August, retaining the KindlyMD name and altering the stock ticker. It holds 5,398 BTC valued at approximately $466 million, making it the 19th largest corporate holder of bitcoin, according to BitcoinTreasuries.net.
After reaching a high in May following the deal announcement, the shares have plummeted by 99%, closing at 38 cents on Monday, which is a 0.817 multiple of the net asset value (mNAV).
If the shares do not meet the listing requirement by June, there are still potential solutions. Nasdaq may offer an extension, the company might address the situation through a reverse stock split, or it could apply for a transfer to the Nasdaq Capital Market.
Read more: KindlyMD Turns to Kraken as Fourth Provider for Bitcoin-Backed $210M Loan at 8%
