BNB hits new all-time high even as treasury company Windtree Therapeutics faces Nasdaq delisting
- BNB treasury Windtree Therapeutics stock will be delisted from the Nasdaq due to noncompliance with listing rules.
- WINT plunged 76% as Nasdaq said it will suspend trading on the company's stock effective Thursday.
- Despite the statement, BNB surged to a new all-time high after rising over 5%.
BNB recorded a new all-time high on Wednesday, crossing above the $880 mark for the first time. The price boost comes amid treasury firm Windtree Therapeutics (WINT) revealing that Nasdaq will delist its stock.
Nasdaq set to delist WINT following noncompliance with listing standards
Windtree Therapeutics stated in a Form 8-K filed with the Securities & Exchange Commission (SEC) on Wednesday that its shares will be delisted from the Nasdaq Capital Market, with a suspension on its stock trading to take effect on Thursday.
The decision stems from Nasdaq's notice that the company failed to comply with Listing Rule 5550(a)(2), which requires firms on its Capital Market to maintain a minimum bid price of $1 per share for 30 consecutive business days.
The company plans to shift trading to over-the-counter (OTC) markets, while maintaining its ticker symbol WINT, starting Thursday. It also stated that it has applied for listing on the Over-the-Counter Integrated Disclosure (OTCID) tier of OTC Market, but has no guarantee of its approval.
Windtree added that the transition of its common stock to the OTC markets will not impact the company's business operations. However, the OTC market generally has lower liquidity and less transparency compared to the Nasdaq, which would reduce the ease of buying or selling its stock.
WINT plunged 76% following the announcement from Windtree.
The development comes nearly a month after Windtree announced it was adopting a BNB treasury strategy. The company entered into a purchase agreement to raise up to $520 million, with 99% of the proceeds intended for acquiring BNB.
Despite the negatives surrounding its key treasury player, BNB surged to a new all-time high on Wednesday, posting a 5% gain over the past 24 hours, according to Binance data.
BNB/USDT daily chart
The move comes after BNB bounced off its 14-day Exponential Moving Average (EMA) just above the $814 support level. The token could stretch its rally to $920 in the coming days to complete a rectangular pattern.
The Relative Strength Index (RSI) and Stochastic Oscillator (Stoch) are close to their overbought regions, signifying heightened bullish pressure.
Author
Michael Ebiekutan
FXStreet
With a deep passion for web3 technology, he's collaborated with industry-leading brands like Mara, ITAK, and FXStreet in delivering groundbreaking reports on web3's transformative potential across diverse sectors. In addi
