NAKA sets 1:40 reverse stock split Bitcoin treasury firm Nakamoto (NAKA), founded by David Bailey, will implement a 1-for-40 reverse stock split on May 22, the company said , to regain compliance with Nasdaq’s minimum $1 bid price requirement. The action comes as the stock has plunged more than 99% from its peak of one year ago to the current $0.16. Shares are down 8.8% Wednesday. Reverse stock splits are a common strategy used by struggling companies to avoid removal from major exchanges. The…
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