$700M BNB Move Fails to Save Windtree From Nasdaq Delisting

Windtree Therapeutics, a biotech firm that recently announced a $700 million $BNB treasury strategy, has been delisted from Nasdaq for failing to meet a listing requirement.

The $BNB Inspired Rally and Subsequent Plunge

Biotech company Windtree Therapeutics, which announced a massive $700 million $BNB treasury move, has had its stock delisted from Nasdaq for failing to meet a key listing requirement. According to a filing with the Securities and Exchange Commission (SEC), the delisting stems from the company’s noncompliance with Nasdaq Listing Rule 5550(a)(2), which mandates that a company’s stock maintain a price above $1.00 per share.

A stock is considered non-compliant if its closing price remains below the $1.00 threshold for 30 consecutive trading days, putting it at risk of being removed from the exchange. Windtree’s stock had been trading largely below this threshold since May, making its delisting a growing possibility.

While the initial announcement of its plan to add $BNB to its treasury boosted the stock to $1.19, the rally was short-lived. By the end of July, the stock had plummeted below $0.60, and by Aug. 21, it had plunged further to just $0.11, bringing its year-to-date losses to 99%. For context, the stock traded above $500 on Aug. 21, 2024.

According to the SEC filing, trading of Windtree’s common stock on the Nasdaq Capital Market was suspended at the open of trading on Aug. 21.

“The company expects that its common stock will begin trading publicly on the over-the-counter market on August 21, 2025, under its existing symbol ‘WINT.’ The Company has applied to be traded on the OTCID tier of the OTC Market. However, there can be no assurance that the Company will be approved for trading on the OTCID,” the SEC filing states.

Despite the transition, Windtree maintained that the move would not impact its core business or operations. The company reaffirmed its commitment to continuing to meet its reporting obligations by filing periodic reports with the SEC, which will remain publicly accessible on the Commission’s official website.