Windtree Therapeutics, a struggling biotech company that branded its BNB reserves, is set to be delisted by NASDAQ after its shares fall below the exchange’s minimum price requirements.
NASDAQ will remove the windtree from the list on August 21st after the company fails to meet the $1 share threshold, according to a filing with the Securities and Exchange Commission.
Windtree, trading under Tickerwint, has seen its share price plunge by nearly 98% to just 11 cents over the past six months.
BNB Treasury is under threat
Focusing on developing treatments for acute lung conditions, Windtree has attracted attention when it pivots into digital assets earlier this summer, and announced plans to win up to $200 million worth of BNB tokens.
On July 16, the company disclosed a $60 million purchase agreement with Build and Build Corp., featuring a $140 million option. This has become one of the few companies that employ BNB as a Ministry of Finance reserve asset.
A few days later, Windtree revealed it had secured an additional $520 million in funding, including a $500 million credit line of stock with undisclosed financial operators and a $20 million direct stock purchase from Build and Build Corp.
Pivot has won the nickname “BNB MicroStrategy” with a nod to Michael Saylor’s company and its Bitcoin-rich corporate strategy.
Loss of market access
Delisting will hit Windtree’s ambitions of pivoting for a new industry.
By trading on Nasdaq, the company effectively exposed it to regular investors as a BNB-enabled public market proxy without purchasing the token directly.
Losing that list will block key channels of access to the capital market at a time when the company’s stock price has already been removed.
Windtree has not indicated whether to appeal a listing appeal via reverse stock splits or try to regain compliance.
