Windtree Therapeutics, a struggling biotech firm that rebranded itself around holding BNB reserves, is set to be delisted from the Nasdaq after its stock collapsed below the exchange’s minimum price requirement.
According to a filing with the Securities and Exchange Commission, Nasdaq will remove Windtree from its listings on Aug. 21 after the company failed to meet the $1 per-share threshold.
Windtree, which trades under the ticker WINT, has seen its stock plunge nearly 98% in the past six months to just 11 cents.
BNB treasury pivot under threat
Once focused on developing treatments for acute pulmonary conditions, Windtree drew attention earlier this summer when it pivoted into digital assets, announcing plans to acquire up to $200 million worth of BNB tokens.
On July 16, the firm disclosed a $60 million purchase agreement with Build and Build Corp., with options for an additional $140 million. It became one of a handful of firms to adopt BNB as a treasury reserve asset.
Days later, Windtree revealed it had secured another $520 million in financing, including a $500 million equity line of credit with an undisclosed financier and a $20 million direct stock purchase from Build and Build Corp.
The pivot earned the company the nickname “BNB MicroStrategy,” a nod to Michael Saylor’s firm and its Bitcoin-heavy corporate strategy.
Loss of market access
Delisting would deal a major blow to Windtree’s ambition of pivoting into a new industry.
By trading on Nasdaq, the company effectively served as a leveraged public market proxy for BNB, giving ordinary investors exposure without directly buying the token.
Losing that listing would cut off an important channel of access to capital markets at a time when the company’s share price has already been decimated.
Windtree has not indicated whether it plans to appeal the delisting or attempt to regain compliance through a reverse stock split.
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