The stock of Windtree Therapeutics has fallen by 77% after the Nasdaq began the process of delisting the company. The exchange cited a failure to comply with listing standards, including not maintaining a minimum share price.
On Wednesday, Nasdaq announced it would delist Windtree Therapeutics for noncompliance with listing standards. Consequently, the biotech’s shares experienced a significant decline.
According to Google Finance, the company’s stock (WINT) experienced a 77.2% decline to $0.11, with an additional 4.7% decline in after-hours trading.
Windtree disclosed in a filing with the US Securities and Exchange Commission that Nasdaq invoked Listing Rule 5550(a)(2), which mandates that companies maintain a minimum bid price of $1 per share.
Windtree Commits to Continue Reporting in the Face of Nasdaq Suspension
Trading in WINT will be suspended on Thursday. According to Chief Executive Jed Latkin, the organization will persist in fulfilling its reporting obligations regardless of the delisting.
Windtree’s market difficulties occurred just one month after the company implemented a BNB treasury strategy designed to expose investors to Binance’s native token without requiring them to possess it directly.
The company disclosed a $60 million purchase agreement with Build and Build Corp on July 16, potentially increasing the amount by an additional $140 million. The stock experienced a fleeting increase of 32.2% following the announcement, before the onset of the downtrend.
A week later, Windtree obtained a $500 million equity line of credit from an undisclosed investor and a distinct $20 million stock-purchase agreement with Build and Build Corp to enhance its BNB position.
Nevertheless, the shares have since plummeted by over 90% from their peak on July 18, wiping out the initial gains. The company has not disclosed the amount of BNB it possesses or its intentions to maintain the strategy following the delisting notice.
Other public companies have encountered comparable obstacles on Nasdaq. For instance, Argo Blockchain was previously suspended but regained compliance and relisted. The trajectory of Windtree’s return remains uncertain.
In the interim, BNB is experiencing significant growth. Wednesday saw the token advance by 5.6% to $876.26, marking a new all-time high and distinguishing it as one of the few blue-chip altcoins to surpass 2021 levels this cycle.
XRP and Solana are the sole other significant tokens that achieved this feat, while Ether, Dogecoin, Chainlink, and Cardano continue to trade below their previous highs.
BNC Becomes Largest Corporate Holder of BNB with $160M Purchase
BNB Network Company (BNC) became the largest corporate holder of Binance Coin earlier this month when it acquired 200,000 BNB tokens for $160 million.
The Nasdaq-listed company is transitioning to a crypto-first treasury, dedicating its primary reserve asset to BNB. The acquisition occurs in the context of a significant increase in the adoption of BNB by corporations, which increasingly employ the token as a treasury instrument.
BNC restructured its leadership team to facilitate this transition. David Namdar, the co-founder of Galaxy Digital, was appointed CEO, and former CalPERS CIO Russell Read and ex-Kraken director Saad Naja were also appointed.
The directors also welcomed Hans Thomas and Alexander Monje of 10X Capital. The Strategy they have implemented is similar to that of other companies, such as Nano Labs and Windtree Therapeutics, which have invested hundreds of millions in BNB holdings to replicate the Bitcoin playbook that the Strategy developed.
