BNB Treasury Firm Windtree Plunges 77% as Nasdaq Moves to Delist Over Compliance Failure
Windtree Therapeutics noticed its shares collapse on Wednesday after Nasdaq mentioned it could 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 fulfill the $1 minimal bid value 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 response to Google Finance.
In a filing with the US Securities and Exchange Commission, Windtree disclosed that Nasdaq cited Itemizing Rule 5550(a)(2), which requires firms to take care of a minimal bid value of $1 per share.
Windtree Vows to Preserve Reporting as Nasdaq Suspension Looms
Buying and selling of WINT might be suspended on Thursday. Chief Govt Jed Latkin mentioned the corporate would proceed to fulfill 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 buyers 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.
Per week later, Windtree secured a $500 million fairness line of credit score from an undisclosed investor and a separate $20 million stock-purchase take care of 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 good points. 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 under their earlier peaks.
BNC Turns into Largest Company Holder of BNB with $160M Buy
Earlier this month, BNB Community Firm (BNC) bought 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 major reserve asset. The acquisition comes amid a surge in company adoption of BNB, with firms more and more utilizing the token as a treasury device.
To drive this shift, BNC revamped its management staff. 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.
The submit BNB Treasury Firm Windtree Plunges 77% as Nasdaq Moves to Delist Over Compliance Failure appeared first on Cryptonews.
