Healthcare and Bitcoin treasury company Kindly MD (NAKA) is facing delisting from the Nasdaq exchange after its share price failed to meet minimum listing requirements.
The SEC filing on Dec. 12 said 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.
The company was purchased in August in a reverse takeover by Nakamoto, which kept the KindleyMD name and changed the stock ticker. According to BitcoinTreasuries.net, it holds 5,398 BTC ($466 million) and is the 19th largest corporate holder of Bitcoin.
Shares, which hit a record high when the deal was announced in May, have since fallen 99% and closed at 38 cents on Monday, a multiple of 0.817 net asset value (MNAV).
If the shares do not meet the listing requirement by June, avenues are still open. Nasdaq could grant an extension, the company could potentially resolve the issue through a reverse stock split or it could apply for a transfer to the Nasdaq Capital Market.
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