If I remember correctly that "too many reboots" MALF will be caused when you have the device in reboot loop for a while. It will detect that it's not starting correcly and display that error.

There are many ways to fix it, the easest is to reflash it if you do not have any important data you want to keep.

If you do want to backup it, or fix it without reflashing you can boot it into repair mode and remove the malf file and correct the cause for the boot loop. (you would need to know WHY it failed booting, didi you do some tweak on the device for example?)