Key Points:
- Windtree Therapeutics faces delisting from the Nasdaq effective August 21 for failing to meet the minimum bid price requirement of $1.
- The firm plans to shift to over-the-counter trading but cannot assure success in this transition.
- After the announcement, Windtree’s share price dropped by nearly 80%, ending at 11 cents.
Windtree Therapeutics’ goal to generate up to $200 million for a BNB (BNB) treasury has encountered a significant roadblock: it will be taken off the Nasdaq.
The Pennsylvania-based company revealed in a filing that trading of its shares will be suspended effective August 21 due to noncompliance with Nasdaq Listing Rule 5550(a)(2) for the $1 minimum bid price.
Windtree intends to move to over-the-counter trading under its existing symbol “WINT,” but the success of this move is uncertain, as noted in their official filing.
This delisting undermines Windtree’s previous claim that it would be the first company listed on Nasdaq to establish a BNB treasury. In July, the firm announced a $60 million securities purchase agreement with blockchain infrastructure investor Build and Build Corp., with plans to potentially increase this amount to $200 million. Following this news, shares rose over 20% in early trading last month, yet the company could not sustain the required minimum share price.
Windtree’s stock fell in late July and August, trading at 48 cents prior to the delisting news. This situation is reminiscent of Michael Saylor’s Strategy (MSTR), which has transformed its balance sheet into a bitcoin proxy. In stark contrast, Windtree will likely be relegated to OTC markets, diminishing its visibility and appeal to institutional investors.
Further Reading:
Biotech Company Windtree to Raise Up to $200M for BNB Treasury
