36Kr Delisting Risk: Minimum Bid Price, Reverse Split, and the Liquidity Trap
Why KRKR faces NASDAQ minimum-bid-price pressure, what the 2024 ADS reverse split solved, and what it did not.
Minimum bid price is first of all a compliance problem
A NASDAQ-listed company that stays below the minimum bid price for long usually has to fix it through price recovery, a reverse split, or other compliance actions. KRKR's 2024 ADS ratio change existed to pull the nominal price from below $1 back into a higher range.
A reverse split creates no value on its own. It reduces the number of new ADSs each old ADS converts into, which raises the price of each new ADS, but an investor's economic interest does not automatically grow because the ratio changed.
After the split, watch volume and fundamentals
The company reported a profit in 2025 and improved revenue and profit in the first half of 2026. Listing risk still depends on continued compliance, the durability of earnings and thin trading; the historical ADS ratio change alone does not determine the outcome.
What actually lowers delisting risk is not a one-off ratio change but continuously meeting listing standards, improving trading activity, and convincing the market that the company still has an investable operating future.
Risk is not the same as a settled outcome
Delisting risk describes a constraint, not a forecast. The company may stay listed, reverse-split again, seek a take-private, or in the extreme case move to a lower-liquidity venue.
The home page's Endgame module lays these scenarios out to separate 'current state', 'possible paths', and 'investment advice'. Everything here is commentary and data visualization, not a recommendation to buy or sell.