Please MD ( NAKA ), a healthcare and bitcoin financial company, faces delisting 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 consecutive days to avoid the delisting, it said in a Dec. 12 SEC filing.
The company was bought in a reverse takeover by Nakomoto in August, which kept the KindlyMD name and changed the stock price. It owns 5,398 BTC ($466 million) and is the 19th largest corporate owner of bitcoin, according to BitcoinTreasuries.net.
The shares, which rose to 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 the net asset value (mNAV).
If the shares do not meet the listing requirement in June, there are still avenues 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.
Read more: KindlyMD Turns to Kraken as Fourth Provider for Bitcoin-Backed $210M Loan at 8%
