Windtree’s BNB Treasury Ambitions Hit Wall as Nasdaq Delisting Looms
Windtree Therapeutics set out to become the first Nasdaq-listed company to hold a treasury in Binance’s BNB token. But the biotech firm now faces delisting after failing to maintain the minimum share price required by Nasdaq.
In a filing on Tuesday, Windtree disclosed that the Nasdaq Capital Market will suspend trading of its stock on August 21 due to its share price falling below the $1 minimum threshold mandated by Nasdaq Listing Rule 5550(a)(2).
The Pennsylvania-based company plans to shift its shares to over-the-counter trading under the symbol “WINT,” though the move is not guaranteed.
Windtree made headlines in July when it announced a $60 million securities purchase agreement with blockchain investor Build and Build Corp., aiming to grow its BNB treasury to as much as $200 million. The announcement initially sent shares soaring over 20% in pre-market trading. However, the company was unable to sustain a share price above $1, with shares sliding to 48 cents before the delisting news.
The strategy drew parallels to MicroStrategy’s Bitcoin treasury approach. Unlike MicroStrategy, which remains a Nasdaq fixture, Windtree’s delisting means reduced institutional exposure and market visibility.
Following the delisting announcement, Windtree’s shares plummeted nearly 80%, closing at 11 cents, marking a steep setback for the company’s crypto-driven vision.
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