David Bailey’s Nakamoto bitcoin treasury announces 1-for-40 reverse split as shares hit new lows
The Block
Nakamoto Inc. is executing a 1-for-40 reverse stock split to regain compliance with Nasdaq's $1 minimum price requirement following a significant share price decline.Summary
Nakamoto Inc. (NAKA) has announced a 1-for-40 reverse stock split, effective this Friday, to meet Nasdaq's minimum listing threshold after shares plummeted nearly 99.5% from their peak. The move reduces total outstanding shares to 17.4 million, following approval at a recent shareholders meeting. The company, which maintains a significant bitcoin treasury of 5,058 BTC, recently reported a $238.8 million first-quarter loss, partly due to unrealized losses on its bitcoin holdings. CEO David Bailey remains focused on operational execution and long-term value creation despite these market challenges.
(Source：The Block)