Windtree Therapeutics’ high-profile plan to lift as much as $200 million for a BNB (BNB) treasury has run headlong right into a market actuality verify: the Nasdaq is kicking it off the change.
The Warrington, Pennsylvania-based biotech disclosed in a Tuesday submitting that the Nasdaq Capital Market will droop buying and selling in its shares efficient Aug. 21 after the corporate failed to satisfy the $1 minimal bid value required underneath Nasdaq Itemizing Rule 5550(a)(2).
Windtree expects to transition to over-the-counter buying and selling underneath its current image “WINT,” although it can’t assure that the plan will undergo, it mentioned in a submitting.
The delisting undercuts Windtree’s July announcement that it might grow to be the primary Nasdaq-listed firm to construct a BNB treasury.
On the time, the corporate unveiled a $60 million securities buy settlement with blockchain infrastructure investor Construct and Construct Corp., with the potential to scale this system to $200 million. Shares surged greater than 20% in pre-market buying and selling after the information final month, however the firm couldn’t preserve the necessary $1 mark to keep up its itemizing.
Windtree’s inventory slumped by way of most of late July and August, buying and selling at 48 cents earlier than the delisting announcement.
The transfer was positioned as an echo of Michael Saylor’s Technique (MSTR), which has turned its stability sheet right into a bitcoin proxy. However not like Technique, which stays a Nasdaq bellwether, Windtree will now be relegated to OTC markets, limiting its visibility and institutional attain.
Shares dropped practically 80% after the corporate disclosed the delisting order, and closed at 11 cents.
Learn extra: Biotech Firm Windtree to Increase As much as $200M for BNB Treasury
