Windtree Therapeutics, a biotech and BNB treasury firm, saw its shares crash 77% on Wednesday. The sharp drop followed a notice from the Nasdaq Stock Market, which informed the company it would be delisted for failing to meet listing requirements.
In a filing to the US Securities and Exchange Commission (SEC) on Tuesday, Windtree confirmed the delisting decision. The issue involved Nasdaq Listing Rule 5550(a)(2), which requires listed firms to maintain a minimum bid price of $1.00 per share. Windtree’s stock, traded under the ticker WINT, fell to $0.11 on the news.
Nasdaq said it would suspend WINT trading on Thursday. After the collapse, WINT declined another 4.7% in after-hours trading, according to Google Finance data.
Windtree had gained attention in July when it launched a BNB treasury strategy. On July 16, the firm disclosed a $60 million purchase agreement with Build and Build Corp, with an option to expand by another $140 million. Shares briefly rose 32.2% over the following two days.
However, the momentum quickly reversed. Since reaching a peak on July 18, WINT shares have plunged more than 90%. The delisting notice now places Windtree among listed firms that adopted crypto treasury strategies but failed to benefit from them.
Windtree also revealed on July 24 a $500 million equity line of credit with an unnamed investor and a separate $20 million stock-purchase pact with Build and Build Corp for further BNB token acquisitions. Despite these agreements, the company has not disclosed the exact amount of BNB holdings or whether it will continue the strategy.
Windtree’s CEO, Jed Latkin, stated in the filing that the firm would continue its financial reporting obligations even after its delisting from Nasdaq.
Other crypto-linked firms have previously faced delistings. Argo Blockchain, for example, was suspended on the Nasdaq but managed to regain compliance later. Windtree’s path forward remains unclear without official statements regarding the future of its BNB treasury strategy.
Windtree shares experienced dramatic volatility over the past month. On Wednesday, WINT dropped 77.2% in regular trading, closing at $0.11. The stock’s steep fall underscored investor reaction to the Nasdaq action, pushing losses deeper in after-hours trading.
Charts from Google Finance highlight how the stock erased nearly all of its brief July gains. The company’s silence since its treasury announcements has added to market uncertainty, leaving investors without clear information on next steps.
While Windtree plunged, BNB outperformed major altcoins on the same day. According to CoinGecko, BNB gained 5.6% to $876.26, marking a new all-time high. The move came as the broader crypto market rebounded from a two-week low.
BNB remains among the few large-cap altcoins to set new highs this cycle. Other leading tokens such as XRP ($2.93) and Solana ($187.67) also touched new highs. In contrast, Ethereum ($4,301), Dogecoin ($0.2228), Chainlink ($25.76), and Cardano ($0.8784) continue to trade below their peaks from 2021.
