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Nasdaq Boots Windtree a Month After $700M BNB Treasury Pivot Fails to Lift Stock

WINDTREE THERAPEUTICS (WINT) is facing a sharp blow: Nasdaq has decided to delist its common stock just over a month after the company dramatically announced a $700 million pivot into holding Binance’s BNB token. The bold strategy failed to boost its share price and instead accelerated its decline.

What Went Down?

Delisting Triggered: On August 19, 2025, Nasdaq informed Windtree that its stock would be delisted due to failing to meet the minimum bid price of $1, as required under Listing Rule 5550(a)(2).

Trading Suspension Set: Trading on the Nasdaq will be suspended at the open on August 21, 2025, with the expectation that WINT will begin trading that same day on the OTC (over-the-counter) market, pending approval for the OTCID tier.

Operational Continuity Claimed: Windtree assured shareholders that its operations would continue unaffected and pledged to maintain its SEC reporting obligations.

The BNB Pivot That Backfired

Bold Pivot to Crypto Reserves: In mid-July, Windtree announced plans to allocate up to $700 million into Binance’s BNB token, branding itself a “BNB MicroStrategy”—a nod to MicroStrategy’s Bitcoin treasury model.

No Lifeline for Stock Price: Instead of attracting confidence, WINT’s share price plunged drastically—falling roughly 77% in a single day to near $0.11. Further declines in after-hours trading pushed the stock down even further, closing in the $0.09–$0.10 range.

Implications and Outlook

Liquidity & Visibility Concerns

Shift to OTC Markets: The OTC market is notorious for lower liquidity, wider bid-ask spreads, and reduced visibility—raising significant concerns for investor access and potential fundraising.

Financial Fragility

Dire Financials: Analysts highlight Windtree’s precarious financial position—negative P/E, no revenue, persistent net losses, and trading volumes reflecting investor exodus.