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Windtree, a biotech-turned $BNB treasury firm, is facing delisting from the Nasdaq on August 21.
- Nasdaq is set to delist Windtree on August 21, following non-compliance with its $1 share price rule
- Windtree’s stock price lost 97.74% in the past six months, to $0.11
- Delisting would make it much harder for Windtree to gain access to public markets
Struggling biotech Windtree’s pivot to $BNB treasuries could soon come to an end. On Tuesday, August 19, regulatory filings showed that Windtree, sometimes called “$BNB Microstrategy,” is facing imminent delisting on Nasdaq over non-compliance.
According to the filing with the Securities and Exchange Commission, Nasdaq will delist Windtree on August 21. Namely, Nasdaq companies must trade above $1 per share, while Windtree, under the ticker WINT, is trading at $0.11.
Critically, the move could place Windtree’s pivot to $BNB treasuries at risk. Specifically, the Nasdaq listing effectively turns Windtree into a leveraged play on $BNB available on the public market. Without access to the Nasdaq, it would be more difficult for average investors to acquire Windtree’s stock.
Struggling Windtree pivoted to $BNB treasuries
Windtree, a biotech firm, announced its pivot to a $BNB treasury firm after years of slow business. In the past six months, its stock price has fallen 97.74% to its current level of $0.11.
On July 16, the company first announced plans to purchase $60 million worth of $BNB tokens from Build and Build Corp., with the potential to acquire $140 million more. This put the company’s total financing up to $200 million for its $BNB treasury.
Just a week later, on July 24, the firm announced securing another $520 million in financing. $500 would come from an equity line of credit agreement with an undisclosed financeer, and another $20 million from a direct stock purchase from Build and Build Corp.