Windtree’s BNB Treasury Ambitions Derailed as Nasdaq Delisting Takes Effect
Windtree Therapeutics, the biotech firm that made waves by announcing plans to establish a BNB treasury, now faces a major setback as Nasdaq prepares to delist its shares.
In a recent filing, Windtree disclosed that Nasdaq will suspend trading of its stock effective August 21 after the company failed to maintain the required $1 minimum bid price under Nasdaq Listing Rule 5550(a)(2).
The Pennsylvania-based company intends to move its shares to over-the-counter (OTC) trading under the ticker “WINT,” though the transition remains uncertain.
Windtree’s July announcement of a $60 million securities purchase agreement with blockchain investor Build and Build Corp., aimed at building a BNB treasury potentially worth up to $200 million, initially spurred a 20% surge in shares during pre-market trading. However, the company was unable to maintain its share price above the Nasdaq threshold, with prices dropping to 48 cents before the delisting was announced.
The move drew comparisons to MicroStrategy’s bitcoin treasury strategy, but unlike MicroStrategy—which remains a Nasdaq mainstay—Windtree’s delisting will likely diminish its visibility and access to institutional investors.
Following the delisting news, Windtree’s shares plunged nearly 80%, closing at just 11 cents, underscoring the challenges of combining biotech with crypto ambitions in a volatile market.
