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Windtree Therapeutics’ high-profile plan to rise up to $200 cardinal for a BNB (BNB) treasury has tally headlong into a marketplace world check: the Nasdaq is kicking it disconnected the exchange.
The Warrington, Pennsylvania-based biotech disclosed successful a Tuesday filing that the Nasdaq Capital Market volition suspend trading successful its shares effectual Aug. 21 aft the institution failed to conscionable the $1 minimum bid terms required nether Nasdaq Listing Rule 5550(a)(2).
Windtree expects to modulation to over-the-counter trading nether its existing awesome “WINT,” though it cannot warrant that the program volition spell through, it said successful a filing.
The delisting undercuts Windtree’s July announcement that it would go the archetypal Nasdaq-listed institution to physique a BNB treasury.
At the time, the institution unveiled a $60 cardinal securities acquisition statement with blockchain infrastructure capitalist Build and Build Corp., with the imaginable to standard the programme to $200 million. Shares surged much than 20% successful pre-market trading aft the quality past month, but the institution could not support the important $1 people to support its listing.
Windtree's banal slumped done astir of precocious July and August, trading astatine 48 cents earlier the delisting announcement.
The determination was positioned arsenic an echo of Michael Saylor’s Strategy (MSTR), which has turned its equilibrium expanse into a bitcoin proxy. But dissimilar Strategy, which remains a Nasdaq bellwether, Windtree volition present beryllium relegated to OTC markets, limiting its visibility and organization reach.
Shares dropped astir 80% aft the institution disclosed the delisting order, and closed astatine 11 cents.
Read more: Biotech Company Windtree to Raise Up to $200M for BNB Treasury
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