Nasdaq Delisting Threat Undermines Windtree’s Bold BNB Treasury Move

Windtree’s BNB Treasury Strategy Undermined by Nasdaq Delisting

Windtree Therapeutics’ headline-grabbing plan to become the first Nasdaq-listed company with a BNB-based treasury has unraveled, as the biotech firm now faces delisting from the exchange.

In a regulatory filing Tuesday, the Pennsylvania-based company confirmed that the Nasdaq Capital Market will suspend trading of its shares on August 21 due to its failure to meet the $1 minimum bid price requirement outlined in Listing Rule 5550(a)(2).

Windtree stated it intends to transition to over-the-counter (OTC) trading under its existing ticker symbol “WINT,” though the move remains uncertain.

The delisting casts a shadow over Windtree’s July announcement of a $60 million securities purchase agreement with blockchain investor Build and Build Corp., which was positioned as the foundation for a broader $200 million BNB treasury strategy. The company’s stock briefly surged more than 20% following the announcement but has since declined steadily, failing to hold the minimum price required to retain its Nasdaq listing.

By late August, Windtree’s shares had slipped to 48 cents, well below compliance thresholds.

The company had drawn comparisons to MicroStrategy’s Bitcoin-centric treasury model, but unlike the software firm, which remains a prominent Nasdaq component, Windtree now faces reduced institutional visibility and market access.

Shares plunged nearly 80% following the delisting announcement, closing at just 11 cents — a sharp reversal from its earlier crypto-fueled momentum.