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 said 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 data 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 crypto treasury strategy, others have been lucky. Windtree is part of a growing number of publicly traded companies 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 from 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.
About a week later, it signed a $500 million equity line 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 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 showed.
Related: Banking lobby fights to change GENIUS Act: Is it too late?
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.
Magazine: Solana Seeker review: Is the $500 crypto phone worth it?
