Odaily Planet Daily reported that Windtree Therapeutics (WINT), a US-listed BNB treasury company, received a notice from Nasdaq on August 19, 2025, stating that its common stock would be delisted from the Nasdaq Capital Market and transferred to the OTC market on August 21st, due to its stock price remaining below $1 for an extended period (Rule 5550(a)(2)). Following multiple reverse splits and without meeting the usual grace period, the company's common stock would be delisted from the Nasdaq Capital Market and transferred to trading on the OTC market. This news caused its stock price to begin to fall early this morning, ultimately closing down 77.21%, with a market capitalization of only $3.152 million.

It's worth noting that WINT's stock price has maintained a textbook downward trend for nearly a year. On August 22nd of last year, the stock price was $517.5, a cumulative decline of 99.98% to date. It opened at $4.68 on February 21st of this year, a cumulative decline of 97.8% to date. Following the announcement of the BNB treasury strategy a month ago, the stock saw significant increases in trading volume for several trading days (including several days prior to the announcement), ultimately reaching a recent high of $1.28 on July 18th. It then resumed a unilateral decline, with a cumulative decline of 91.4% to date.

Windtree Therapeutics, a clinical-stage biopharmaceutical and medical device company, previously reported that several of its clinical-stage projects are far from commercialization. According to the latest data, the company's net income for the most recent quarter was -$10.64 million, a 163.04% increase from -$4.04 million in the previous quarter. The company initially announced the launch of its BNB treasury strategy on July 16, raising $60 million through a securities subscription. On July 25, it announced the signing of a new $520 million financing agreement to purchase BNB.