BNB treasury company plunges 77% after Nasdaq delisting notice

Biotech and BNB treasury firm Windtree Therapeutics fell 77% on Wednesday after informing the SEC that it would be delisted from the Nasdaq stock exchange.

Windtree Therapeutics, a biotech company that established a BNB treasury strategy last month, fell 77% on Wednesday after Nasdaq said it would be delisted from the stock exchange for failing to meet compliance requirements.

The noncompliance concerned Nasdaq Listing Rule 5550(a)(2), which requires a company’s stock to maintain a minimum bid price of $1.00 per share, Windtree said in a filing to the US securities regulator on Tuesday. Nasdaq will suspend its trading on Thursday. 

Windtree (WINT) shares dropped 77.2% to $0.11 on the news, and were down another 4.7% in after-hours, Google Finance data showed. WINT shares saw a minor rise on July 16, when it announced its BNB treasury strategy, but have since fallen over 90% from a July 18 peak.

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