Nasdaq Boots Windtree a Month After $700M BNB Treasury Pivot Fails to Lift Stock
The post Nasdaq Boots Windtree a Month After $700M BNB Treasury Pivot Fails to Lift Stock appeared on BitcoinEthereumNews.com. In brief Windtree confirmed its shares will be suspended from Nasdaq trading on Thursday for failing to meet the $1 minimum bid price. Last month, it said it had committed to buy up to $700 million in Binance’s BNB token. Struggling firms pivoting into crypto treasuries may lack substance beyond the narrative, Decrypt was told. Windtree Therapeutics, a Pennsylvania-based drug developer, is being delisted from Nasdaq, just over a month after its $700 million pivot into a digital treasury firm focused on Binance’s BNB token failed to boost its stock above the exchange’s requirements. In an SEC filing published Tuesday, Windtree confirmed trading of its stock on Nasdaq would be suspended at the open on Thursday, August 21, for failing to maintain the $1-per-share minimum bid price. Windtree shares are down 77% on the day to just $0.11. Windtree listed its stock on Nasdaq in May 2020 but has repeatedly struggled to meet listing standards. The exchange moved to suspend Windtree’s shares after several bid-price violations since at least June 2022, according to a 2023 SEC filing. Its third and most recent deficiency warning was handed down in December last year. Windtree and Nasdaq did not immediately return Decrypt’s request for comment. Late last month, Windtree announced that it would commit and buy up to $700 million in Binance’s BNB token, just a day after that crypto hit a new all-time high. While Windtree briefly regained its compliance earlier in March this year, it later lost course as a turbulent pullback in the crypto market began rolling over the past week. Several publicly-listed treasury companies‘ shares have been diving or slowing in lockstep, including stock from KindlyMD, SharpLink, Coinbase, and Strategy, which hit a 4-month low on Wednesday amid a broader crypto stock slump. As a result of the…
The post Nasdaq Boots Windtree a Month After $700M BNB Treasury Pivot Fails to Lift Stock appeared on BitcoinEthereumNews.com.
In brief Windtree confirmed its shares will be suspended from Nasdaq trading on Thursday for failing to meet the $1 minimum bid price. Last month, it said it had committed to buy up to $700 million in Binance’s BNB token. Struggling firms pivoting into crypto treasuries may lack substance beyond the narrative, Decrypt was told. Windtree Therapeutics, a Pennsylvania-based drug developer, is being delisted from Nasdaq, just over a month after its $700 million pivot into a digital treasury firm focused on Binance’s BNB token failed to boost its stock above the exchange’s requirements. In an SEC filing published Tuesday, Windtree confirmed trading of its stock on Nasdaq would be suspended at the open on Thursday, August 21, for failing to maintain the $1-per-share minimum bid price. Windtree shares are down 77% on the day to just $0.11. Windtree listed its stock on Nasdaq in May 2020 but has repeatedly struggled to meet listing standards. The exchange moved to suspend Windtree’s shares after several bid-price violations since at least June 2022, according to a 2023 SEC filing. Its third and most recent deficiency warning was handed down in December last year. Windtree and Nasdaq did not immediately return Decrypt’s request for comment. Late last month, Windtree announced that it would commit and buy up to $700 million in Binance’s BNB token, just a day after that crypto hit a new all-time high. While Windtree briefly regained its compliance earlier in March this year, it later lost course as a turbulent pullback in the crypto market began rolling over the past week. Several publicly-listed treasury companies‘ shares have been diving or slowing in lockstep, including stock from KindlyMD, SharpLink, Coinbase, and Strategy, which hit a 4-month low on Wednesday amid a broader crypto stock slump. As a result of the…
What's Your Reaction?
