Shares in Nakamoto closed Wednesday at 16 cents. They are down more than 99% from May last year, when the stock traded above $25.
Bitcoin treasury company Nakamoto is moving ahead with a shareholder-approved 1-for-40 reverse stock split on Friday in an effort to avoid delisting from the Nasdaq Stock Exchange.
The company received a notice from the Nasdaq on Dec. 10, warning that its stock price had fallen below the $1 minimum for 30 consecutive business days, according to an SEC filing. Nakamoto has until June 8 to address the issue and keep its stock above $1 for at least 10 days.
A reverse stock split reduces the number of shares outstanding. In a 1-for-40 split, every 40 shares are combined into one. After completion, Nakamoto’s total common shares will drop from 696.1 million to 17.4 million, the company said Wednesday.
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