Windtree Therapeutics, Inc. (WINT) suffered a catastrophic market collapse on August 20, 2025, with its stock plunging 77.21% during trading hours and falling an additional 14.36% in after-hours trading to reach $0.0942. The biotech company confirmed it will lose its Nasdaq listing due to noncompliance with Listing Rule 5550(a)(2), which mandates maintaining a minimum bid price of $1 per share.
Nasdaq issued the formal delisting notice on August 19, and trading for WINT will officially be suspended when markets open on August 21. The company acknowledged it will move its shares to the OTC Markets platform, specifically applying for the OTCQB tier, though approval is not guaranteed. Windtree emphasized that operations will continue without disruption and SEC reporting obligations will be maintained.
The company's controversial decision to adopt a BNB treasury strategy intensified investor concerns. This move, which Windtree described as aiming to become "BNB's Microstrategy," drew widespread attention as cryptocurrency reserve strategies are typically seen in tech companies rather than biotech firms. The timing of the BNB announcement and subsequent stock collapse fueled skepticism about the company's financial priorities and risk exposure.
Despite Windtree's association with BNB, the cryptocurrency itself reached an all-time high of $873 on the same day, showing independent strength unaffected by the biotech company's troubles. Analysts expect the shift to OTC markets could reduce access to capital due to lower liquidity and visibility, potentially complicating future fundraising efforts.