Nasdaq to delist BNB token treasury company Windtree Therapeutics for noncompliance

Nasdaq plans to delist BNB treasury company Windtree Therapeutics (ticker WINT) for failing to meet compliance requirements.

The firm appears to have confirmed the exchange’s concerns in a U.S. Securities and Exchange Commission filing on Wednesday, which shows the firm is noncompliant with Nasdaq Listing Rule 5550(a)(2) that requires a company’s stock to maintain a minimum bid price of $1.00 per share.

“On August 19, 2025, Windtree Therapeutics Inc. (the “Company”) was notified by The Nasdaq Stock Market LLC (“Nasdaq”) that as a result of the Company’s previously disclosed noncompliance with Nasdaq Listing Rule 5550(a)(2), Nasdaq has determined to delist the Company’s common stock from the Nasdaq Capital Market and, accordingly, will suspend trading in the Company’s common stock effective at the open of trading on August 21, 2025,” Windtree CEO Jed Latkin wrote in the SEC filing.

According to Yahoo Finance, Windtree’s stock has lost over 90% in one month and more than 99% this year. Shares dropped more than 76% before market close to $0.11. WINT first fell below $1 in May and has not consistently risen above that level. In July, Nasdaq moved to delist bitcoin miner Argo (ARGO) for also failing to keep its stock above the $1 threshold.

The suspension will begin at the next market session beginning Aug. 21; however, Latkin has said the firm will continue its reporting obligations despite the market downgrade.

Windtree is one among a number of so-called digital asset treasury (DATs) companies that raise capital to invest in various cryptocurrencies. In July, the Nasdaq‑listed biotech firm said it signed a $500 million equity line of credit with an unnamed institutional investor and a separate $20 million stock‑purchase pact with Build and Build Corp to purchase BNB tokens — making it one of the first, if not the first, U.S. public companies to invest heavily in BNB Chain’s native token.

It is unclear why Windtree in particular has seen such a massive pullback. Despite early enthusiasm for crypto treasury plays, cracks are beginning to show. For instance, Sharplink, one of the largest Ethereum treasury firms, saw its stock crumble after reporting second-quarter earnings.

BNB is up nearly 5% on the day, trading hands at $877, and up from $708 since the start of the year, according to The Block’s price page.