Last May, it was still around $25, now only a fraction remains; the Web3 cycle is too brutal.

CryptoWorld News: Nakamoto Inc. plans to conduct a 1-for-40 reverse stock split on Friday to avoid being delisted from Nasdaq. The company’s stock price exceeded $25 in May last year, but it has now fallen to 16 cents, a decline of more than 99%. Nakamoto received a notice from Nasdaq warning that its stock price has been below $1 for 30 consecutive trading days. The company must address this issue by June 8, keeping its stock price above $1 for at least 10 days. The reverse stock split will reduce its total common shares from 6.961 billion shares to 17.4 million shares. Nakamoto’s first-quarter report shows that although revenue increased by 500% quarter over quarter, it still recorded a net loss of $238.8 million.