Windtree Therapeutics’ high-profile plan to raise up to $200 million for a BNB (BNB) treasury has run headlong into a market reality check: the Nasdaq is kicking it off the exchange.
The Warrington, Pennsylvania-based biotech disclosed in a Tuesday filing that the Nasdaq Capital Market will suspend trading in its shares effective Aug. 21 after the company failed to meet the $1 minimum bid price required under Nasdaq Listing Rule 5550(a)(2).
Windtree expects to transition to over-the-counter trading under its existing symbol “WINT,” though it cannot guarantee that the plan will go through, it said in a filing.
The delisting undercuts Windtree’s July announcement that it would become the first Nasdaq-listed company to build a BNB treasury.
At the time, the company unveiled a $60 million securities purchase agreement with blockchain infrastructure investor Build and Build Corp., with the potential to scale the program to $200 million. Shares surged more than 20% in pre-market trad
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