Tim Pickett appointed as KindlyMD’s chief medical officer

SALT LAKE CITY - KindlyMD, Inc. (NASDAQ:NAKA), a $4.6 billion market cap healthcare company, has appointed Tim Pickett as Chief Medical Officer, the company announced Thursday. Pickett, who previously served as Chief Executive Officer, will continue to lead the company’s healthcare services platform following its recent merger with Nakamoto Holdings. According to InvestingPro data, the company’s stock has shown remarkable performance, delivering a 713.71% return year-to-date.

The leadership change comes after the completion of KindlyMD’s merger with Nakamoto Holdings on August 15, forming a publicly traded company that combines healthcare services with Bitcoin treasury management. David Bailey, formerly of Nakamoto, has assumed the role of Chief Executive Officer and Chairman of the Board. The company maintains a strong liquidity position with a current ratio of 12.99, though InvestingPro analysis reveals challenges with profitability, reporting negative gross margins of -111.62% in the last twelve months.

Pickett, who brings over a decade of medical and executive leadership experience, will also serve on the company’s Board of Directors and as CEO of Kindly LLC, a wholly owned subsidiary.

"I am proud to continue leading our Company’s innovative healthcare business as it enters its next phase of growth," Pickett said in a press release statement.

The newly merged entity describes itself as providing integrated healthcare services while functioning as an institutional-grade Bitcoin treasury vehicle. KindlyMD’s core business focuses on comprehensive healthcare that integrates primary care, pain management, behavioral health, and alternative therapies.

Bailey expressed confidence in Pickett’s continued leadership, noting the company’s "differentiated Bitcoin treasury strategy and established healthcare services platform."

The merger represents an unusual combination of healthcare services with cryptocurrency treasury management, as the company attempts to position itself in both sectors simultaneously.

KindlyMD completed its merger with Nakamoto Holdings earlier this month to establish what it describes as a publicly traded Bitcoin treasury vehicle alongside its healthcare operations.

In other recent news, KindlyMD, Inc. has completed its merger with Nakamoto Holdings, resulting in a substantial financial boost. The merger generated approximately $540 million in gross proceeds through a private placement in public equity (PIPE) financing, which will primarily be used for Bitcoin purchases and general corporate purposes. Following this merger, KindlyMD acquired 5,743.91 bitcoin for approximately $679 million, marking its first significant Bitcoin purchase. Additionally, the company closed a $200 million senior secured convertible note offering to further support its Bitcoin acquisition strategy.

KindlyMD also announced it has raised an additional $51.5 million in PIPE financing to bolster its Bitcoin treasury efforts, bringing the total PIPE financing to approximately $563 million and $763 million including convertible notes. In another development, KindlyMD’s common stock has been approved for listing on The Nasdaq Global Market, upgrading from the Nasdaq Capital Market. This upgrade marks a significant step for the company as it continues to trade under the ticker symbol "NAKA." These recent developments underscore KindlyMD’s strategic focus on expanding its Bitcoin holdings and enhancing its market presence.

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