Aug 21, 12:39 AM

Nasdaq Delists Windtree Therapeutics Over Price Rule After BNB Pivot

Nasdaq said it will suspend and delist Windtree Therapeutics Inc. from the Nasdaq Capital Market at the start of trading on 21 Aug. after the company failed to regain compliance with the exchange’s $1-per-share minimum bid price under Rule 5550(a)(2), according to a filing with the U.S. Securities and Exchange Commission. The Pennsylvania-based biotech, which rebranded this summer as a digital-asset treasury vehicle, has seen its stock collapse to about 11 cents, wiping out roughly 98 % of its market value in the past six months. In July the company announced plans to buy as much as $700 million of Binance’s BNB token in a wager that echoed MicroStrategy’s Bitcoin strategy, but the move did not lift the share price. Windtree said it will continue to quote its shares over the counter under the WINT ticker once the Nasdaq suspension takes effect. The delisting curtails the company’s access to mainstream capital markets at a time when several crypto-linked equities are under pressure, even as BNB itself touched a record high of about $881 on 21 Aug.