Bitcoin treasury company Nakamoto Inc. (NASDAQ: NAKA) announced a 1-for-40 reverse stock split, selecting a ratio from within a previously approved range of 1-for-20 to 1-for-50, Wednesday.
The reverse split is tied to Nasdaq’s $1 minimum bid price requirement. As of early April, shares were trading around $0.21 to $0.22, according to the company’s preliminary proxy filing and related reporting.
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Hahaha it had touched $0.12 today!
Market priced this company to go bankrupt.
It's kinda funny, they’re doing this just so they don’t get booted from the index. If the company's debt-free, it's always worth the Bitcoin they got!
They have some debt but they have a lot of assets. Market doesn’t care about Bitcoin holdings because of the volatility
Is their balance sheet pretty clean? I haven't looked into them, but last time I checked out a company 10k trading at around .2(basic?) mnav, which was DDC, there were definitely reasons other than the market bullying them.
I am sure that will fix everything. Haha