--- schema_version: "secwatch.filing_event.v1" accession: "0001213900-25-077579" form_type: "8-K" ticker: "NAKA" cik: "0001946573" company_name: "Nakamoto Inc." filed_at: "2025-08-15T23:59:59+00:00" generated_at: "2026-05-17T12:35:54.173049+00:00" event_type: "other_material" sentiment: "neutral" materiality_score: 0.85 calibrated_materiality_score: 0.85 confidence: "high" source: SEC EDGAR --- # Kindly MD completes merger with Nakamoto, raises ~$540M in PIPE, issues $200M convertible debenture ## Summary - Merger closed Aug 14: Nakamoto stockholders received 22.3M Kindly shares; Nakamoto becomes wholly owned sub. - PIPE financing raised ~$540M gross: 322.98M shares at $1.12, 5.68M at $5.00, plus 133.8M pre-funded warrants. - Issued $200M zero-coupon convertible debenture (first 2 yrs) with conversion price $2.80 (floor $2.00), secured by Bitcoin ≥2x principal. - Board overhaul: CEO David Bailey stays; new independent directors include Chad Blackburn, Perianne Boring, Eric Weiss, Greg Xethalis, Mark Yusko. - Warrants delisted from Nasdaq due to insufficient round lot holders; will trade OTC. Common stock listing unaffected. ## SEC filing metadata - accession: 0001213900-25-077579 - form_type: 8-K - ticker: NAKA - cik: 0001946573 - company_name: Nakamoto Inc. - filed_at: 2025-08-15T23:59:59+00:00 - event_type: other_material - sentiment: neutral - materiality_score: 0.85 - calibrated_materiality_score: 0.85 - confidence: high - sec_items: 2.01, 1.01, 2.03, 3.01, 3.02, 3.03, 5.03, 5.01, 5.02, 5.05, 7.01, 8.01, 9.01 - EDGAR index: https://www.sec.gov/Archives/edgar/data/1946573/000121390025077579/0001213900-25-077579-index.htm - EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1946573/000121390025077579/ea0252980-8k_kindly.htm ## Machine-readable alternates - HTML: https://secwatch.observer/filing/0001213900-25-077579 - JSON: https://secwatch.observer/filing/0001213900-25-077579.json - Plain text: https://secwatch.observer/filing/0001213900-25-077579.txt ## Key facts - Debt Financings Nakamoto Inc. incurred convertible notes of aggregate principal amount of $200.0 million with YA II PN, Ltd. at rate of 0.00% per annum for the first two years, and 6.00% per annum for the thi maturing third-year anniversary of the issuance date of the Convertible Debenture. - Instrument: convertible notes - Principal: aggregate principal amount of $200.0 million - Counterparty: YA II PN, Ltd. - Rate: rate of 0.00% per annum for the first two years, and 6.00% per annum for the thi - Maturity: third-year anniversary of the issuance date of the Convertible Debenture - Event: incurrence source text: “ Investor ”), under which the Company agreed to sell and issue to the Investor a secured convertible debenture (the “ Convertible Debenture ”) in aggregate principal amount of $200.0 million (the “ Principal Amount ”) in exchange for cash or bitcoin equal to 96% of the Principal Amount (the “ Debt Financing ”). On August 15, 2025, pursuant to the terms of the evidence_url: https://www.sec.gov/Archives/edgar/data/1946573/000121390025077579/0001213900-25-077579-index.htm - Governance Changes Nakamoto Inc.: Second Amended and Restated Bylaws approved, removing staggered term prohibition, establishing three-year director terms, setting board size limits, imposing advance notice requirements, regulating shareholder meetings, and prohibiting written consent actions (effective 2025-05-18). - Change: bylaw amendment - Effective: 2025-05-18 source text: approved and adopted the Amended Bylaws, which became effective upon filing with the Utah Division of Corporations. The Amended Bylaws were filed to, among other things, (i) remove the provisions prohibiting classes of directors with staggered terms, (ii) state that directors will be elected to serve three-year terms, (iii) impose a minimum and maximum number of directors evidence_url: https://www.sec.gov/Archives/edgar/data/1946573/000121390025077579/0001213900-25-077579-index.htm - Governance Changes Nakamoto Inc.: Amended and Restated Code of Ethics and Business Conduct approved, broadening applicability to consultants/contractors, increasing managerial responsibility, and updating provisions on conflicts of interest, asset protection, corporate opportunities, confidentiality, and fair dealing (effective 2025-08-14). - Change: code of ethics - Effective: 2025-08-14 source text: Effective August 14, 2025, the Board approved an amendment and restatement of the Company's Code of Ethics and Business Conduct evidence_url: https://www.sec.gov/Archives/edgar/data/1946573/000121390025077579/0001213900-25-077579-index.htm - Governance Changes Nakamoto Inc.: Second Amended and Restated Articles of Incorporation approved, increasing authorized shares, requiring shareholder action by meeting only, adding exclusive forum and severability provisions (effective 2025-08-11). - Change: charter amendment - Effective: 2025-08-11 source text: The Amended Articles include the following material changes: ● Increase in Authorized Shares: An increase in authorized shares from 110,000,000 shares to 10,010,000,000 shares evidence_url: https://www.sec.gov/Archives/edgar/data/1946573/000121390025077579/0001213900-25-077579-index.htm - M&A Transactions Nakamoto Inc. underwent a change of control involving Nakamoto Holdings Inc. (closed 2025-08-14). - Action: change of control - Counterparty: Nakamoto Holdings Inc. - Closing: 2025-08-14 source text: On August 14, 2025, Kindly MD, Inc. (“ Kindly ” or the “ Company ”) completed its previously announced merger evidence_url: https://www.sec.gov/Archives/edgar/data/1946573/000121390025077579/0001213900-25-077579-index.htm This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.