Investor Confidence Crumbles as Windtree Bets on BNB Amid Delisting Turmoil

BNB treasury firm plunges 77% after Nasdaq delisting notice

Windtree Therapeutics Inc. (WINT) has faced a dramatic market downturn following a delisting notice from Nasdaq and a controversial decision to hold BNB in its corporate treasury. On August 19, 2025, the company was informed by Nasdaq of its noncompliance with Listing Rule 5550(a)(2), which requires a minimum bid price of $1 per share. Trading was suspended on August 21, 2025, with the stock transitioning to the over-the-counter market under the symbol “WINT” [2].

The delisting decision marked the culmination of prolonged price weakness. Windtree’s stock plummeted 77.21% during regular trading hours and further dropped 14.36% in after-hours trading, closing at $0.0942 [2]. The firm confirmed it could not meet Nasdaq’s compliance requirements by the deadline and would move its shares to the OTC Markets to continue public trading. Although the firm emphasized that its operations and research programs remain unaffected, the transition to a less liquid market is expected to reduce access to capital and complicate future fundraising or partnership efforts [2].

The delisting was accompanied by Windtree’s announcement of a BNB treasury strategy, a move that drew significant market skepticism. Unlike traditional biotech firms, Windtree decided to allocate a portion of its reserves into BNB, a decision that raised questions about its financial priorities and risk exposure. The stock experienced a sharp decline following this announcement, as investors expressed concerns over the firm’s strategic direction and its potential impact on its core biotechnology operations [2].

BNB, which recently reached an all-time high of $873, has maintained independent strength, and Windtree’s association with the asset has not influenced its price performance. However, the biotech company’s decision to hold BNB in its reserves has intensified scrutiny, with critics arguing it could erode trust in the company’s scientific focus. Some analysts suggest that Windtree’s move might reflect a broader diversification strategy amid its Nasdaq listing challenges, though the timing and rationale behind the decision remain unclear [2].

The delisting has sparked discussions about the viability of OTC markets for firms transitioning from major exchanges. While Windtree confirmed its commitment to SEC reporting requirements and operational continuity, analysts note that OTC markets typically offer reduced liquidity and visibility compared to Nasdaq. This could limit the firm’s ability to attract investment and form strategic partnerships. Windtree aims to transition to the OTCQB tier, but approval is pending and uncertain [2].

Despite the company’s assurances, the dual impact of delisting and its controversial BNB strategy has raised concerns about Windtree’s long-term stability and investor confidence. The stock’s significant decline reflects the market’s skepticism regarding the firm’s strategic decisions and its ability to regain a Nasdaq listing. As Windtree navigates its new market environment, the firm will need to demonstrate a clear path to regaining compliance and rebuilding trust with investors [2].

Source:

[1] Windtree Therapeutics Faces Nasdaq Delisting Notice (https://www.tipranks.com/news/company-announcements/windtree-therapeutics-faces-nasdaq-delisting-notice)

[2] Windtree Therapeutics, Inc. (WINT) Stock: Plunges 85% as ... (https://coincentral.com/windtree-therapeutics-inc-wint-stock-plunges-85-as-delisting-shock-and-bnb-strategy-raise-investor-eyebrows/)

[3] Issues Pending Suspension or Delisting (https://www.nasdaq.com/market-activity/stocks/issuers-pending-suspension-delisting)