Windtree’s Ambitious BNB Treasury Plan Stalls as Nasdaq Delisting Looms
Biotech company Windtree Therapeutics aimed to make history as the first Nasdaq-listed firm to build a treasury with Binance’s BNB token. However, the company now faces suspension from Nasdaq after failing to meet listing requirements.
According to a filing on Tuesday, Nasdaq will halt trading of Windtree’s shares effective August 21 due to the company’s inability to maintain the $1 minimum bid price, as required by Nasdaq Listing Rule 5550(a)(2).
Windtree intends to move its shares to over-the-counter (OTC) markets under its current ticker “WINT,” although the transition is not guaranteed.
In July, Windtree announced a $60 million securities purchase agreement with blockchain infrastructure investor Build and Build Corp., with plans to potentially scale the treasury to $200 million in BNB. The news initially boosted shares by over 20% in pre-market trading. Yet, the company’s stock price continued to fall, dipping below the Nasdaq minimum price and hitting 48 cents prior to the delisting announcement.
The company’s crypto strategy drew comparisons to MicroStrategy’s Bitcoin treasury approach. However, unlike MicroStrategy, which remains firmly listed on Nasdaq, Windtree’s delisting means reduced visibility and limited access to institutional investors.
Following the announcement, Windtree’s stock plunged nearly 80%, closing at just 11 cents, underscoring the challenge of maintaining momentum amid regulatory and market pressures.
