Bitcoin-accumulating Nasdaq firm Nakamoto announces 1-for-40 reverse stock split

Nakamoto (NAKA), a Nasdaq-listed company strategically accumulating Bitcoin, has announced it will implement a 1-for-40 reverse stock split effective May 22. According to a Business Wire press release, the measure is intended to meet the minimum bid price requirement of $1.00 needed to maintain its listing on the Nasdaq Global Market. The reverse split will consolidate every 40 existing common shares into one share, with the company's ticker symbol remaining 'NAKA'.