NAKA higher by 9.5% after board authorizes share repurchases
KindlyMD (NAKA), whose share price has undergone a drastic collapse since its SPAC merger with Nakamoto Holdings, has been given the go-ahead by its board for stock buybacks.
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"This share repurchase program reflects our confidence in the long-term value of the Company and adds an important degree of flexibility to our capital allocation framework," said CEO David Bailey in a press release.
No details pertaining to the timing or amount of dollars to be allocated for buybacks were disclosed.
Since its peak amid the bitcoin treasury company mania this past spring, NAKA has seen its share price tumble more than 95%. Earlier this week, the company disclosed a delisting notice from the Nasdaq due to its stock price being below $1.00 for several weeks.
Shares are ahead 9.5% early Thursday to $0.40.
Per the NAKA dashboard, the company has 5,398 bitcoin on its balance sheet. At bitcoin's current price of $88,000 those bitcoin are worth about $1 billion, or far north of NAKA's enterprise value of roughly $400 million.
Share buybacks would thus apparently be highly accretive, even as they call into question the company business plan of swapping investor dollars for bitcoin.
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