Kindly MD (NAKA), a healthcare and Bitcoin treasury company, is at risk of being delisted from the Nasdaq exchange after its stock price failed to meet minimum listing requirements.
The stock has closed below $1 for 30 consecutive trading days, and the company has until June 8 to raise 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, who kept the KindlyMD name and changed the stock symbol. It owns 5,398 BTC ($466 million) and is the 19th largest company holding Bitcoin, according to BitcoinTreasuries.net.
Shares, which hit a record high in May when the deal was announced, have since fallen 99% and closed Monday at 38 cents, a multiple of 0.817 of net asset value (mNAV).
If shares do not meet listing requirements by June, avenues remain open. Nasdaq may grant an extension, the company could potentially resolve the issue through a reverse stock split, or it could request a transfer to the Nasdaq Capital Market.
Read more: KindlyMD turns to Kraken as fourth provider for $210M loan backed by 8% Bitcoin
