KindlyMD Plunges 12% On $5 Billion Plan To Become 3rd-Largest Corporate Bitcoin Holder
KindlyMD shares tumbled 12% after the healthcare service provider announced a $5 billion at-the-market (ATM) equity program aimed at expanding its Bitcoin holdings. The move, following hard on the heels of its merger with Nakamoto Holdings earlier this month to become a BTC treasury firm, could propel KindlyMD into the top three corporate Bitcoin holders if the full raise is deployed to buy BTC. KindlyMD disclosed in an Aug. 25 filing with the US Securities and Exchange Commission (SEC) its plan to issue and sell up to $5 billion worth of common stock through the new program at a par value of $0.001 per share. A group of investment banks and brokers have been lined up as “Sales Agents” to allow the company to sell shares in a flexible way. They include TD Securities, Cantor, B. Riley Securities, Benchmark, Canaccord Genuity, Cohen & Company Capital Markets, Craig-Hallum, Needham & Company, and Yorkville Securities. Excited to partner with TD Securities an...