Windtree Therapeutics, a struggling biotech company that renamed itself to keep BNB reserves, will be removed from the Nasdaq after the stock has collapsed under the minimum price requirement of the stock exchange.
According to a request to the Securities and Exchange Commission, Nasdaq Wintree will remove from its offers on August 21 after the company has not met the $ 1 Per-Share threshold.
Windtrree, which trades under the ticker wins, has seen the stock fall almost 98% in the last six months to just 11 cents.
BNB Treasury Pivot under threat
Once aimed at developing treatments for acute lung diseases, Windtrree attracted the attention earlier this summer when it was running in digital assets and plans announced to acquire up to $ 200 million in BNB tokens.
On July 16, the company unveiled a purchase agreement of $ 60 million with Build and Build Corp., with options for an extra $ 140 million. It became one of the handful of companies that took over BNB as an active one from the Treasury Reserve.
Days later, WightTree revealed that it had secured another $ 520 million in financing, including a credit line of $ 500 million with an unknown financier and a direct shares of $ 20 million at Build and Build Corp.
The Pivot earned the company the nickname ‘BNB MicroStrategy’, a nod to the company of Michael Saylor and his Bitcoin-heavy business strategy.
Loss of market access
Deletion would give a big blow to the ambition of Windree to run in a new industry.
By acting on Nasdaq, the company effectively served as a leverage for public market for BNB, giving ordinary investors exposed without buying the token directly.
Losing that offer would cut an important access channel to capital markets at a time when the company’s share price has already been decimated.
Windtree has not indicated whether it is planning to appeal against the deletion or tries to regain compliance via a reverse stock split.