Windtree Therapeutics, a struggling biotech agency that rebranded itself round holding BNB reserves, is ready to be delisted from the Nasdaq after its inventory collapsed beneath the change’s minimal worth requirement.
In line with a submitting with the Securities and Alternate Fee, Nasdaq will take away Windtree from its listings on Aug. 21 after the corporate failed to fulfill the $1 per-share threshold.
Windtree, which trades beneath the ticker WINT, has seen its inventory plunge practically 98% previously six months to simply 11 cents.
BNB treasury pivot beneath menace
As soon as centered on growing remedies for acute pulmonary situations, Windtree drew consideration earlier this summer time when it pivoted into digital belongings, asserting plans to accumulate as much as $200 million price of BNB tokens.
On July 16, the agency disclosed a $60 million buy settlement with Construct and Construct Corp., with choices for an extra $140 million. It turned one in every of a handful of corporations to undertake BNB as a treasury reserve asset.
Days later, Windtree revealed it had secured one other $520 million in financing, together with a $500 million fairness line of credit score with an undisclosed financier and a $20 million direct inventory buy from Construct and Construct Corp.
The pivot earned the corporate the nickname “BNB MicroStrategy,” a nod to Michael Saylor’s agency and its Bitcoin-heavy company technique.
Lack of market entry
Delisting would deal a significant blow to Windtree’s ambition of pivoting into a brand new business.
By buying and selling on Nasdaq, the corporate successfully served as a leveraged public market proxy for BNB, giving odd traders publicity with out instantly shopping for the token.
Dropping that itemizing would reduce off an essential channel of entry to capital markets at a time when the corporate’s share worth has already been decimated.
Windtree has not indicated whether or not it plans to enchantment the delisting or try and regain compliance via a reverse inventory break up.
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