Windtree Therapeutics, a pharmaceutical company that recently attempted to convert to a BNB Treasury Company, has had its shares delisted from Nasdaq. What happened?
Nasdaq suspends trading of this BNB treasury company
Whenever a new crypto treasury company is listed on the stock market, we can assume that it is seeking to capitalize on a trend in an attempt to boost its share price. Through BNB Treasury Company Windtree Therapeutics, the model has just shown its limitations, as Nasdaq has decided to suspend the company’s listing due to non-compliance with a rule, as reported in a filing with the Securities and Exchange Commission (SEC):
On August 19, 2025, Windtree Therapeutics Inc. was notified by The Nasdaq Stock Market LLC that due to the Company’s previously disclosed non-compliance with Nasdaq Listing Rule 5550(a)(2), Nasdaq has decided to delist the Company’s common stock from the Nasdaq Capital Market and, accordingly, will suspend trading in the Company’s common stock effective at the opening of trading on August 21, 2025.
In this case, the rule requires, among other things, a minimum share price of $1. However, despite a weak attempt at a rebound last month, WINT shares began to fall below this critical threshold on May 1 and are now trading at just $0.11, with a market capitalization of only $13.83 million:
Despite this setback, Windtree is still attempting to move its listing to another over-the-counter market:
The Company expects its common shares to begin trading on the over-the-counter market on August 21, 2025, under their current symbol “WINT.” The Company has applied to be listed on the OTCID market. However, there can be no assurance that the Company will be permitted to trade on that market.
Regarding its cash holdings in BNB, the company announced its shift on July 24, stating its ambition to purchase up to $700 million worth of BNB. To do so, Windtree planned to unlock a $500 million credit facility in shares.
For its part, BNB is trading at $862.38 per unit, up 3% over the last 24 hours. It should be noted that the asset reached a new all-time high (ATH) last night at $881.
