Windtree Therapeutics’ high -profile plan to travel up to $ 200 million for a BNB (Bnb) Treasury has run its head into a market -reality check: Nasdaq kicks it from the exchange.
The Warrington, Pennsylvania-based Biotech, revealed in a Tuesday that archived that the NASDAQ capital market will suspend trade in its shares, which is in force August 21, after the company did not meet the minimum bidding of $ 1 under the NASDAQ listing rule 5550(one)(2).
Windtree expects to go over to trade over-the-counter under its existing symbol “Wint”, although it cannot guarantee that the plan will review, it said in an archiving.
The delicate undermining Windtree’s July message that it would be the first Nasdaq-listed company to build a BNB state box.
At that time, the company revealed a $ 60 million Safe Agreement Agreement with Blockchain -Infrastructure Investor Build and Build Corp. With the potential to scale the program to $ 200 million. Shares rose more than 20% in trading before the market after the news last month, but the company couldn’t maintain the important $ 1 brand to maintain its listing.
Windtree’s stock fell through most of the end of July and August and traded with 48 cents before the delicate announcement.
The move was placed as an echo of Michael Saylor’s strategy (Mstr)It has transformed its balance into a Bitcoin Proxy. But unlike strategy that remains a Nasdaq Bellwether, Windtree will now be referred to OTC markets, limiting its visibility and institutional reach.
Shares fell almost 80%after the company revealed the delicate order and closed 11 cents.
Read more: Biotech Company Windtree to collect up to $ 200 million
