Windtree Therapeutics Faces Delisting from Nasdaq Amid Stock Price Plunge
Windtree Therapeutics, a biotech firm that recently shifted its focus to holding BNB reserves, is on the brink of being delisted from the Nasdaq exchange due to its stock falling below the minimum price requirement.
The company, trading under the ticker symbol WINT, has seen its stock price plummet by nearly 98% over the past six months, now sitting at just 11 cents per share. As a result, Nasdaq has set a delisting date of August 21 for Windtree.
Initially known for its work in developing treatments for acute pulmonary conditions, Windtree made headlines when it announced plans to invest up to $200 million in BNB tokens. This strategic shift into digital assets caught the attention of investors and analysts alike.
In mid-July, Windtree entered into a $60 million purchase agreement with Build and Build Corp., with provisions for an additional $140 million investment. This move made Windtree one of the few companies to adopt BNB as a treasury reserve asset.
Shortly after, Windtree secured an additional $520 million in financing, including a $500 million equity line of credit and a $20 million stock purchase from Build and Build Corp. This aggressive push into the world of digital assets led to Windtree being dubbed the “BNB MicroStrategy,” drawing comparisons to Michael Saylor’s firm and its Bitcoin-focused corporate strategy.
However, the impending delisting from Nasdaq poses a significant threat to Windtree’s pivot into the cryptocurrency space. Trading on a major exchange like Nasdaq allowed Windtree to act as a proxy for BNB, providing retail investors with indirect exposure to the token without having to purchase it directly.
Losing its Nasdaq listing would not only cut off a crucial avenue for market access but also hinder Windtree’s ability to raise capital. With its stock price already in freefall, regaining compliance through a reverse stock split or appealing the delisting decision may be the company’s only options moving forward.
As Windtree grapples with the possibility of being delisted from Nasdaq, the future of its BNB treasury pivot hangs in the balance. Only time will tell if the company can navigate these turbulent waters and emerge stronger on the other side.