Windtree Delisted from Nasdaq Over $200M BNB Plan

Windtree Therapeutics Faces Nasdaq Delisting Amid $200M BNB Treasury Plan

Windtree Therapeutics (NASDAQ: WINT), a Warrington, Pennsylvania-based biotech firm, has seen its ambitious plan to raise up to $200 million for a BNB (BNB) treasury collide with market realities. The Nasdaq Capital Marketannounced it will suspend trading of Windtree shares effective August 21, after the company failed to comply with the $1 minimum bid price rule under Nasdaq Listing Rule 5550(a)(2).

Transition To OTC Markets

According to the company’s Tuesday filing, Windtree expects to transition to over-the-counter (OTC) trading under its current ticker symbol, WINT. However, management noted there is no guarantee the OTC move will be successful.

This delisting represents a major setback for Windtree’s July announcement, when it became the first Nasdaq-listed company to pursue a BNB treasury strategy. At the time, the biotech unveiled a $60 million securities purchase agreement with blockchain infrastructure investor Build and Build Corp., with an option to scale the program up to $200 million. The news initially boosted shares by more than 20% in pre-market trading, but momentum quickly faded as the stock failed to hold above $1.

Stock Performance And Market Reaction

Throughout late July and August, Windtree shares slid significantly, trading around $0.48 prior to the delisting notice. Following the Nasdaq suspension disclosure, the stock plunged nearly 80%, closing at just $0.11.

A Strategy Inspired By Michael Saylor

Windtree’s BNB treasury plan drew comparisons to Michael Saylor’s MicroStrategy (MSTR), which has famously turned its balance sheet into a Bitcoin proxy. Unlike MicroStrategy, which remains a Nasdaq bellwether, Windtree’s relegation to the OTC market will reduce its visibility and limit access to institutional investors.

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