Biotechnology company Windtree Therapeutics established a BNB treasury strategy last month, and its stock price plummeted 77% on Wednesday after Nasdaq notified the company that it would be delisted for failing to meet compliance requirements.
Windtree stated in a filing submitted to U.S. securities regulators on Tuesday that the non-compliance involved Nasdaq listing rule 5550(a)(2), which requires a minimum bid price of $1.00 per share for company stocks. Nasdaq will suspend trading of WINT on Thursday.
According to Google Finance, Windtree (WINT) saw its stock price drop 77.2% to $0.11 in response to this news, with an additional decline of 4.7% in after-hours trading. The WINT stock price saw a slight increase when it announced its BNB treasury strategy on July 16, but has since fallen over 90% from its peak on July 18.
While some companies have profited from adopting cryptocurrency treasury strategies, others have not been so fortunate. Windtree is one of the growing number of publicly traded companies adopting BNB strategies, providing investors with exposure to BNB without directly holding the cryptocurrency.
The company's CEO, Jed Latkin, stated in the filing that despite the delisting, Windtree will continue to fulfill its reporting obligations.
Some cryptocurrency companies, such as Argo Blockchain, have been suspended from trading on Nasdaq but have been relisted after meeting compliance requirements.
Windtree launched its BNB treasury on July 16, disclosing a $60 million purchase agreement with Build and Build Corp, along with an additional $140 million option.
WINT rose 32.2% in the following two days before starting to decline.
About a week later, it signed a $500 million equity credit facility with an unnamed investor and entered into a separate $20 million stock purchase agreement with Build and Build Corp to acquire more BNB tokens.
Windtree has not disclosed how much BNB it holds or whether it intends to continue its BNB treasury strategy. Cointelegraph has reached out to Windtree for comment.
CoinGecko data shows that BNB was one of the best-performing blue-chip altcoins on Wednesday, rising 5.6% to $876.26 and reaching an all-time high, as the broader cryptocurrency market rebounded from a two-week low.
BNB is one of the few large altcoins to set a new high in this bull market, alongside Ripple (XRP) and Solana (SOL), while Ethereum (ETH), Dogecoin (DOGE), Chainlink (LINK), and Cardano (ADA) are still chasing the highs set in 2021.
Related: CleanSpark and IREN report massive debts due to significant tax increases on U.S. mining operations.
Original article: “BNB Treasury Firm Windtree Plummets 77% After Nasdaq Delisting Notice”
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