Biotech and BNB treasury firm Windtree Therapeutics fell 77% on Wednesday after informing the SEC that it would be delisted from the Nasdaq stock exchange.
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Windtree Therapeutics, a biotech company that established a BNB treasury strategy last month, fell 77% on Wednesday after Nasdaq said it would be delisted from the stock exchange for failing to meet compliance requirements.
The noncompliance concerned Nasdaq Listing Rule 5550(a)(2), which requires a company’s stock to maintain a minimum bid price of $1.00 per share, Windtree in a filing to the US securities regulator on Tuesday. Nasdaq will suspend its trading on Thursday.
Windtree (WINT) shares dropped 77.2% to $0.11 on the news, and were down another 4.7% in after-hours, Google Finance showed. WINT shares saw a minor rise on July 16, when it announced its BNB treasury strategy, but have since fallen over 90% from a July 18 peak.
While some companies have gained after adopting a , others have been lucky. Windtree is part of a growing number of publicly traded companies to adopt a BNB strategy, giving investors without holding the cryptocurrency directly.
Windtree to continue making financial disclosures
The company’s CEO, Jed Latkin, said in the filing that Windtree would continue its reporting obligations despite the delisting.
Some crypto firms, such as Argo Blockchain, from Nasdaq but after satisfying compliance requirements.
Windtree made big announcements, then went quiet
Windtree kickstarted its BNB treasury on July 16, disclosing a $60 million purchase agreement with Build and Build Corp, with options for an additional $140 million.
WINT rose 32.2% over the next two days before it started tumbling.
About a week later, it signed a of credit with an unidentified investor, along with a separate $20 million stock‑purchase pact with Build and Build Corp. to purchase more BNB tokens.
Windtree hasn’t disclosed how much BNB it holds or whether it intends to continue its BNB treasury strategy. Cointelegraph has reached out to Windtree for comment.
BNB rises on Wednesday, notches another high
BNB was one of the best performers among on Wednesday, rising 5.6% to $876.26 and setting a new all-time high as the broader crypto market bounced back from a two-week low, CoinGecko showed.
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BNB is one of the only to set a new high this bull cycle, along with XRP () and Solana (), while the likes of Ether (), Dogecoin (), Chainlink () and Cardano () are still chasing highs set from back in 2021.
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