Windtree Therapeutics Delisted from Nasdaq After 77% Share Drop

Windtree Therapeutics Inc., a Pennsylvania-based biopharmaceutical company, has officially been delisted from Nasdaq after failing to meet the exchange’s minimum bid price requirement of $1 per share. The delisting took effect on August 21, 2025, with trading suspended at the market open. Shares of the company had already fallen sharply, dropping 77% to $0.11, according to recent disclosures [1].

The move follows Windtree’s high-profile decision in July 2025 to commit $700 million of its corporate treasury to Binance Coin (BNB), a digital asset that reached an all-time high around the same period. Despite this strategic pivot, the company has continued to face financial and regulatory challenges, failing to maintain compliance with Nasdaq’s continued listing standards [2].

Windtree’s stock will now trade over-the-counter (OTC) under the ticker symbol WINT. While OTC markets impose fewer regulatory requirements, such as no minimum bid price or liquidity thresholds, they typically offer reduced transparency and investor access. According to CEO Craig Fraser, this transition will not affect the company’s business operations but may reduce the ease with which investors can buy or sell shares [1].

The company’s path to delisting had been long and fraught with regulatory warnings. Windtree had previously been notified by Nasdaq for failing to meet bid price requirements in December 2024 and again in March 2025, despite a brief period of compliance. The broader crypto market downturn further compounded the firm’s struggles [3].

Ryan Yoon, a senior analyst at Tiger Research, has noted that distressed companies attempting to pivot to digital asset treasuries often face structural mismatches. While such moves may initially attract attention, the lack of sustainable value propositions and ongoing market skepticism can undermine future capital-raising efforts [1].

Windtree’s delisting reflects a growing trend among public companies that have repositioned themselves in digital asset markets. Firms like KindlyMD, SharpLink, and Strategy have also seen their stock prices decline amid broader declines in crypto-related equities. The case of Windtree underscores the difficulty of transitioning from traditional business models to digital asset strategies without a clear and compelling long-term vision [2].

Windtree and Nasdaq have not responded to requests for comment [1].

Source:

[1] https://finance.yahoo.com/news/nasdaq-boots-windtree-month-700m-023308748.html

[2] https://www.fxstreet.com/cryptocurrencies/news/bnb-hits-new-all-time-high-even-as-treasury-company-windtree-therapeutics-faces-nasdaq-delisting-202508210032

[3] https://www.ainvest.com/news/windtree-fails-sustain-nasdaq-compliance-bnb-treasury-pivot-2508/