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Nasdaq delists Windtree Therapeutics after months of failed compliance and steep WINT stock losses.
The move follows Nasdaq rule 5550, which requires companies to keep their share price above $1. Windtree’s common stock has traded far below that threshold, raising doubts about its survival as a listed firm.
The company confirmed the news through an SEC filing on August 19, 2025. According to CEO Jed Latkin, Nasdaq will suspend trading on August 21. He said the firm will continue filing reports despite the market downgrade. From my perspective, this signals an attempt to remain relevant even as its equity collapses.
Shares of WINT stock dropped more than 90 percent in one month and nearly 99 percent this year. On August 20, they closed at only $0.11. Once valued as a biotech developer, Windtree has shifted into a crypto treasury experiment by pivoting to BNB as its main reserve.
Collapse of WINT stock
The sharp decline in WINT stock was not unexpected. Nasdaq warned the firm months ago when its price had stayed below $1 since May. Without recovery, Nasdaq rule 5550 requires removal from the exchange. Windtree failed to lift its valuation, even after signing new financing deals.
In July, the company secured a $500 million equity line of credit with an unnamed financier. It also closed a $20 million stock purchase with Build and Build Corp. Yet these moves failed to change the trajectory of its stock. In my analysis, investors saw them as desperate efforts rather than growth opportunities.
BNB treasury pivot under scrutiny
Windtree’s transformation into a crypto treasury firm was bold. It announced a $60 million deal to acquire BNB, with an option for an additional $140 million. This was followed by the $520 million financing package, further cementing its pivot away from biotech.
Supporters argued that adopting BNB as a treasury asset gave Windtree a unique edge. Few public companies in the United States had made such a move. But I would argue that timing worked against the company. BNB faced regulatory questions, and pairing a struggling biotech with digital assets did not reassure investors.
Nasdaq delists Windtree Therapeutics at a time when exchanges are applying rules more strictly. Argo Blockchain faced a similar delisting in July. For investors, this reinforces the need to check compliance records. Nasdaq rule 5550 is simple but unforgiving.
From my standpoint, Windtree’s case shows that rebranding into crypto treasury assets cannot rescue a stock already collapsing. Investors want stable financials first. A shift into BNB without that base adds risk.
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What happens next for Windtree
The delisting does not end Windtree’s corporate life. The firm will continue to meet its SEC filing requirements. That means investors can still track its financial health, though trading will move to less liquid venues.
There is also the open question of how Windtree handles its BNB reserves. If BNB appreciates, the firm could claim some credibility as an unconventional treasury. If it drops further, the company risks becoming another cautionary tale.
Windtree’s experiment illustrates the fine line between innovation and collapse. A pivot alone cannot replace fundamentals. WINT stock shows how quickly investor confidence can disappear, even with massive funding lines.
