Kindly MD (NAKA), a healthcare and Bitcoin finance company, is at risk of being delisted from the Nasdaq exchange after its stock price failed to meet minimum listing requirements.
The company said in a Dec. 12 filing with the SEC that the stock has closed below $1 for 30 consecutive trading days and that the company must raise its closing price above that level for 10 consecutive days by June 8 to avoid delisting.
The company was reverse-taken by Nakomoto in August, retaining the KindlyMD name and changing its stock symbol. With 5,398 Bitcoin ($466 million), it is the 19th largest corporate holder of Bitcoin, according to BitcoinTreasuries.net.
The stock soared to record levels when the deal was announced in May, but has since plunged 99%, closing at 38 cents on Monday, or 0.817 times net asset value (mNAV).
If the stock does not meet listing requirements by June, there are still other avenues. Nasdaq may grant an extension, the company may resolve the issue through a reverse stock split, or it may apply to transfer to Nasdaq Capital Markets.
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