Windtree Delisted from Nasdaq After 85% Stock Drop and BNB Investment Shift

Windtree Therapeutics Inc. (WINT) has confirmed its delisting from the Nasdaq Capital Market, effective August 21, 2025, after failing to meet the minimum bid price requirement of $1 under Nasdaq Listing Rule 5550(a)(2). The delisting notification was issued by Nasdaq on August 19, 2025, and the company’s common stock will transition to the over-the-counter (OTC) market [1]. Trading under the existing ticker symbol WINT is expected to resume pending approval for OTCID tier listing, a move that aims to maintain some level of market accessibility and investor engagement [2].

The delisting does not affect Windtree’s core operations or its ongoing commitment to SEC reporting requirements. The firm has stated that it will continue to file all necessary periodic reports with the Securities and Exchange Commission, ensuring compliance with U.S. securities law [1]. However, the shift to OTC trading is likely to impact liquidity and institutional participation, as the OTC market generally offers less visibility and tighter investor access compared to major exchanges [2].

The decision to delist follows a significant drop in Windtree’s stock price—some reports indicate a decline of 70–85% in the weeks prior to the delisting [3]. This sharp decline was attributed in part to the company’s controversial decision in July 2025 to reallocate a large portion of its corporate treasury into BNB, the native token of the Binance blockchain. This move was widely viewed as speculative and contributed to investor uncertainty, regulatory scrutiny, and a deterioration in the company’s financial standing [5].

Despite the delisting, the company’s parent blockchain network, BNB, has not experienced any adverse effects, with the token reaching record highs. This resilience underscores the relative independence of the crypto ecosystem from traditional stock market fluctuations, even in the case of key partners [1]. Analysts have observed that similar delistings in the past have not disrupted associated digital assets, reinforcing the view that the impact on broader market stability is minimal [2].

Windtree’s transition to the OTC market reflects a broader trend among firms struggling to meet Nasdaq’s listing standards amid financial challenges. While OTC trading allows for continued public accessibility, it often comes with reduced institutional interest, wider bid-ask spreads, and increased price volatility. The firm has not indicated any changes to its operational or financial strategy, emphasizing a focus on continuity and transparency [1].

Corporate governance experts have noted that while the company remains compliant with regulatory requirements, the delisting could influence investor perceptions and potentially strain shareholder relations. The OTC transition introduces additional procedural uncertainties, particularly regarding the approval of the OTCID tier, which may affect the smoothness of the transition and shareholder confidence [2].

Windtree’s decision highlights the risks associated with unconventional treasury strategies and the volatility inherent in cross-market investments. While the firm continues to operate without interruption, the move underscores the increasing challenges for publicly traded companies seeking to maintain listing standards in a rapidly evolving financial landscape [5].

Sources:

[1] 8-K Filing by Windtree Therapeutics, Inc. (https://www.sec.gov/edgar)

[2] Windtree Delisted: Nasdaq Pulls Plug as Firm Bets Big on BNB (https://www.bitcoinsensus.com/news/business/windtree-delisted-nasdaq-pulls-plug-as-firm-bets-big-on-bnb)

[3] BNB Treasury Strategy Backfires as Nasdaq Delists Windtree Therapeutics (https://blockonomi.com/bnb-treasury-strategy-backfires-as-nasdaq-delists-windtree-therapeutics/)

[4] Windtree Therapeutics, Inc. (WINT) Stock: Plunges 85% as Delisting Shock and BNB Strategy Raise Investor Eyebrows (https://coincentral.com/windtree-therapeutics-inc-wint-stock-plunges-85-as-delisting-shock-and-bnb-strategy-raise-investor-eyebrows/)

[5] Nasdaq Boots Windtree a Month After $700M BNB Treasury Pivot (https://decrypt.co/336170/nasdaq-boots-windtree-month-after-700m-bnb-treasury-pivot)