U.S. biotech company Windtree Therapeutics (stock code: WINT), faces the fate of being delisted by NASDAQ due to its stock price being below the minimum requirement of $1 for a long time. This company recently became the market's focus for heavily investing in BNB, but now it is facing delisting, causing an uproar in the market.
According to NASDAQ regulations, if a company's stock price remains below $1 for 30 consecutive days, it is classified as a 'Penny Stock' and must recover its stock price within 180 days; otherwise, it will be forced to delist.
According to documents submitted by Windtree to the U.S. Securities and Exchange Commission (SEC) on Wednesday, NASDAQ has issued a formal notice that due to the company's stock price continuously being below $1, trading will be fully suspended starting from the opening on August 21, and delisting procedures will be initiated.
Windtree stated that the company plans to transfer its stock to the over-the-counter (OTC) market and is currently awaiting regulatory approval, emphasizing that this move will not affect the company's business operations, and it will continue to fulfill its financial disclosure obligations in the future.
According to Yahoo Finance data, Windtree's stock price fell below the $1 threshold as early as May this year, plummeting more than 90% in the past month and over 99% since the beginning of the year; following news of delisting, it further dropped over 77%, closing at $0.11.
This also makes Windtree the second cryptocurrency concept stock to be delisted by NASDAQ for failing to meet stock price standards in recent times. In July, Bitcoin mining company Argo (ARGO) was also delisted for the same reason.
Originally a small biotech firm, Windtree announced its entry into the digital asset space in July of this year. The company revealed that it has signed a $500 million equity financing agreement with an unnamed institution and another $20 million agreement with Build and Build Corp. to purchase BNB.
However, there have long been concerns about the rationality and risks of 'using coins to support businesses.' For example, after announcing its second-quarter financial report, the stock price of Ether reserve company SharpLink Gaming also fell sharply, indicating that market confidence in cryptocurrency financial companies seems to be cracking.
"Betting on BNB is futile! Windtree's stock price has been forced to delist due to long-term 'zero status'" This article was first published on (Blockkey).
