Kindly MD (NAKA) said it will miss the deadline for filing its latest quarterly report as it works through complex post-merger accounting tied to its August combination with Nakamoto Holdings, adding further pressure to a stock already sliding.

In a notice to the SEC, the company said it will not submit its Form 10-Q for the quarter ended Sept. 30 on time, but expects to file within the standard five-day extension permitted under regulatory rules.

Kindly MD — formerly an integrated healthcare services firm — merged earlier this year with David Bailey’s bitcoin-focused Nakamoto Holdings to form a publicly traded bitcoin treasury entity. The combined company now holds 5,765 BTC, making it one of the largest corporate bitcoin treasuries globally.

The filing cited the “complexity of accounting related to the merger,” including the application of U.S. GAAP standards and PCAOB review requirements, as the reason for the delay, noting that additional time is needed to ensure accuracy and completeness.

Preliminary financials highlight significant merger-related losses: roughly $1.41 million in realized losses on digital assets, $22.07 million in unrealized losses, a $14.45 million loss tied to debt extinguishment, and a $59.75 million loss associated with the Nakamoto acquisition. These were partially offset by a $21.85 million positive adjustment in the fair value of contingent liabilities.

Shares of NAKA traded at $0.57 on Monday, down 7% as investors reacted to the deeper-than-expected losses and late filing announcement.