Windtree Therapeutics, a biotech company that established a BNB treasury strategy last month, fell 77% on Wednesday after the Nasdaq informed the firm it would be delisted from the stock exchange for failing to meet compliance requirements.
The noncompliance concerned Nasdaq Listing Rule 5550(a)(2) that requires a company’s stock to maintain a minimum bid price of $1.00 per share, Windtree stated in a filing to the US securities regulator on Tuesday. Nasdaq will suspend WINT trading on Thursday.
Windtree (WINT) shares dropped a staggering 77.2% to $0.11 on the news, and are down another 4.7% in after-hours, Google Finance data shows. WINT shares saw a minor rise on July 16, when it announced its BNB treasury strategy, but have fallen over 90% since its July 18 peak.
While some firms have gained after adopting a crypto treasury strategy, others haven’t been as lucky. Windtree is part of a growing number of publicly traded firms to adopt a BNB strategy, giving investors exposure to BNB 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, have been suspended on the Nasdaq but were relisted 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 down.
About a week later, it signed a $500 million equity line of credit with an unnamed investor, 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 reached out to Windtree for comment.
BNB rises on Wednesday, notches another high
BNB was one of the best performers among blue-chip altcoins 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 data shows.
BNB is one of the only large altcoins to set a new high this bull cycle, along with XRP (XRP) and Solana (SOL) — while the likes of Ether (ETH), Dogecoin (DOGE), Chainlink (LINK) and Cardano (ADA) are still chasing highs set from back in 2021.