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 alternate’s minimal worth requirement.
In line with a submitting with the Securities and Change 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 below the ticker WINT, has seen its inventory plunge almost 98% previously six months to simply 11 cents.
BNB treasury pivot below menace
As soon as centered on growing remedies for acute pulmonary circumstances, Windtree drew consideration earlier this summer season when it pivoted into digital property, saying plans to accumulate as much as $200 million value of BNB tokens.
On July 16, the agency disclosed a $60 million buy settlement with Construct and Construct Corp., with choices for a further $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 strange traders publicity with out straight shopping for the token.
Shedding that itemizing would lower off an vital 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 attraction the delisting or try to regain compliance by means of a reverse inventory break up.