Bitcoin-holder KindlyMD faces Nasdaq delisting risk after failing to meet share price requirement

Uk Jin

Summary

Said KindlyMD faces delisting risk because it failed to meet the Nasdaq minimum share price requirement.
Said the company's share price has fallen about 99% since the May peak and is currently only $0.38.
KindlyMD holds 5398 Bitcoin, but said that if recovery within the deadline to maintain its listing is difficult, investment risk would be high.

KindlyMD logo

KindlyMD, a U.S. healthcare and Bitcoin (BTC) treasury company, faces delisting risk after failing to meet Nasdaq's minimum share price requirement.

According to CoinDesk on the 16th (Korean time), Nasdaq delivered a notice of non-compliance, saying KindlyMD's share price has closed below $1 for 30 consecutive trading days. The company must restore its share price to at least $1 for a minimum of 10 consecutive trading days by June 8 next year.

KindlyMD's shares have plunged about 99% since hitting an all-time high in May when an acquisition was announced. They fell below $1 for the first time at the end of October and have not recovered. The previous day it closed at $0.38.

KindlyMD currently holds 5398 Bitcoin, equivalent to approximately $466,000,000. According to BitcoinTreasuries.net, it is the 19th-largest holder of Bitcoin among listed companies worldwide.

However, even if it fails to meet the requirement within the deadline, options remain such as additional Nasdaq extension approval, a reverse stock split, or transferring its listing to the Nasdaq Capital Market.

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