Nasdaq to Delist BNB Treasury Firm Windtree Therapeutics, Stock Crashes 76%

Windtree Therapeutics will be delisted from the Nasdaq Capital Market after failing to meet listing requirements, a decision that triggered a massive sell-off in its stock.

Windtree Faces Nasdaq Delisting Over Stock Price, Plans Move to OTC Markets

The SEC document showed that Nasdaq notified the firm on August 19, 2025. Trading on its shares would be suspended at the open market on August 21.

Windtree said it expects its shares to continue trading publicly under the ticker WINT on OTC markets. The company has applied to be quoted on the OTCID tier. However, this is not guaranteed.

Assuming that request is accepted, OTC trading have lower liquidity, visibility, and access to investors than the Nasdaq. Therefore, this casts doubts on the future of the company to raise capital.

The delisting is as a result of Windtree not being able to comply with Nasdaq Listing Rule 5550(a) (2). This mandates a minimum bid price of at least one dollar per share. The company had already disclosed its noncompliance but failed to restore its stock above the required threshold in time. Therefore, Nasdaq’s decision reflects both regulatory standards and market reality.

Chief executive Jed Latkin signed the SEC filing confirming the company’s stance. He emphasized that Windtree’s operations remain intact and that the firm will continue meeting all reporting obligations with the Securities and Exchange Commission.

Last month, Windtree drew attention beyond biotech circles when it adopted a Binance Coin (BNB) corporate treasury. That unusual move echoed strategies by firms that hold Bitcoin as part of their balance sheets. It also positioned Windtree as one of the few public healthcare companies linking biotech funding with cryptocurrency exposure.

Windtree Shares Collapse and BNB Rally Highlights Stark Divergence

The announcement immediately rattled investors. Windtree’s shares collapsed by more than 76% in a single day, falling from a previous close of $0.48 to just $0.11. TradingView data shows the stock has now lost more than 90% in one month and over 99% year to date. The plunge illustrates the depth of investor concern as the company prepares to transition away from a major exchange into the over-the-counter market.

Meanwhile, the announcement hasn’t affected BNB price. The token climbed past $850, gaining more than 3% in 24 hours. TradingView data shows BNB closing at $852.14, extending its strong 2025 performance. The token is up over 12% this month, 30% in six months, and more than 52% over the past year.