BNB Treasury Agency Windtree Plunges 77% as Nasdaq Strikes to Delist Over Compliance Failure

Windtree Therapeutics noticed its shares collapse on Wednesday after Nasdaq mentioned it might delist the biotech for failing to adjust to itemizing requirements.

Key Takeaways:

• Windtree Therapeutics’ inventory collapsed 77% after Nasdaq moved to delist the biotech for failing to satisfy the $1 minimal bid worth rule.
• The corporate had just lately launched a BNB treasury technique, however shares have since dropped over 90% from their July peak.
• Whereas Windtree faces uncertainty, BNB surged to a brand new all-time excessive of $876.

The corporate’s inventory (WINT) plunged 77.2% to $0.11, with one other 4.7% drop in after-hours buying and selling, in keeping with Google Finance.

In a submitting with the US Securities and Trade Fee, Windtree disclosed that Nasdaq cited Itemizing Rule 5550(a)(2), which requires corporations to keep up a minimal bid worth of $1 per share.

Windtree Vows to Preserve Reporting as Nasdaq Suspension Looms

Buying and selling of WINT can be suspended on Thursday. Chief Govt Jed Latkin mentioned the corporate would proceed to satisfy its reporting obligations regardless of the delisting.

Windtree’s market struggles come solely a month after the corporate rolled out a BNB treasury technique, aimed toward offering traders publicity to Binance’s native token with out immediately holding it.

On July 16, the agency unveiled a $60 million buy settlement with Construct and Construct Corp, with the choice to develop by an extra $140 million. The announcement briefly lifted its inventory by 32.2% earlier than the downtrend started.

Every week later, Windtree secured a $500 million fairness line of credit score from an undisclosed investor and a separate $20 million stock-purchase cope with Construct and Construct Corp to develop its BNB place.

Nonetheless, shares have since collapsed greater than 90% from their July 18 peak, erasing these early features. The corporate has not disclosed how a lot BNB it at the moment holds or whether or not it plans to proceed the technique after the delisting discover.

Different public corporations have confronted related setbacks on Nasdaq. Argo Blockchain, for instance, was beforehand suspended however managed to regain compliance and relist. Windtree’s path again stays unsure.

In the meantime, BNB itself is prospering. The token surged 5.6% on Wednesday to $876.26, hitting a brand new all-time excessive and standing out as one of many few blue-chip altcoins to interrupt previous 2021 ranges this cycle.

XRP and Solana are the one different main tokens to take action, whereas Ether, Dogecoin, Chainlink, and Cardano stay beneath their earlier peaks.

BNC Turns into Largest Company Holder of BNB with $160M Buy

Earlier this month, BNB Community Firm (BNC) purchased 200,000 BNB tokens for $160 million, making it the most important company holder of Binance Coin.

The Nasdaq-listed agency is repositioning itself as a crypto-first treasury, focusing completely on BNB as its main reserve asset. The acquisition comes amid a surge in company adoption of BNB, with corporations more and more utilizing the token as a treasury device.

To drive this shift, BNC revamped its management workforce. David Namdar, co-founder of Galaxy Digital, was named CEO, joined by former CalPERS CIO Russell Learn and ex-Kraken director Saad Naja.

The board additionally welcomed Hans Thomas and Alexander Monje of 10X Capital. Their technique mirrors strikes by different corporations like Nano Labs and Windtree Therapeutics, which have allotted a whole bunch of thousands and thousands into BNB holdings to emulate the Bitcoin playbook pioneered by Technique.

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