What to know : The Nasdaq exchange told KindlyMD (NAKA) that it faces being delisted after its share price dropped below $1 for 30 consecutive business days. The health-care company that is building a bitcoin treasury has until June 8 to regain compliance, which requires the stock to close at or above $1 for at least 10 consecutive business days. The shares first fell below $1 in late October, and closed Monday at $0.38.
Kindly MD (NAKA), a health-care and bitcoin treasury company company, faces being delisted from the Nasdaq exchange after its share 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 lift it above that level for 10 straight days to avoid the delisting, it said in an SEC filing on Dec. 12.
The company was bought in a reverse takeover by Nakomoto in August, which kept the KindlyMD name and changed the stock ticker. It owns 5,398 BTC ($466 million) and is the 19th largest corporate holder of bitcoin, according to the BitcoinTreasuries.net.
The shares, which surged to a record in May when the deal was announced, have since slumped 99% and closed Monday at 38 cents, a 0.817 multiple of the net asset value (mNAV).
If the shares don't meet the listing requirement by June, there are still avenues open. Nasdaq may grant an extension, the company could potentially address the issue through a reverse stock split or it may apply to transfer to the Nasdaq Capital Market.
Read more: KindlyMD Turns to Kraken as Fourth Provider for Bitcoin-Backed $210M Loan at 8%
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