Biotech company Windtree Therapeutics received a delisting notice for failing to meet the minimum stock price requirement of Nasdaq listing rule 5550(a)(2), with its stock price plummeting 77% on Wednesday.
This rule requires the company's stock to be at least $1.00 per share. Documents submitted by Windtree to U.S. securities regulators show that Nasdaq will suspend trading of its stock. Windtree's stock price fell to $0.11 and dropped another 4.7% in after-hours trading.
While some companies have profited from cryptocurrency strategies, Windtree has not been successful. The company announced its BNB strategy on July 16, but since then, its stock price has continued to decline, having fallen more than 90%.
Despite the impending delisting, CEO Jed Latkin stated that Windtree will continue to fulfill its financial reporting obligations. Some crypto companies have successfully resumed trading after being suspended by Nasdaq.
Despite the rise of BNB, Windtree is facing delisting for failing to meet compliance requirements. CoinGecko data shows that BNB is one of the best-performing blue-chip altcoins in recent times.
