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WARRINGTON, Pa. - Windtree Therapeutics, Inc. (NasdaqCM:WINT), a micro-cap company with a market capitalization of $3.62 million, announced Tuesday it has signed a term sheet with cryptocurrency platform Kraken to provide custody, trading, and over-the-counter services for its BNB Crypto Treasury Strategy. According to InvestingPro data, the company faces significant financial challenges with a current ratio of 0.25, indicating potential liquidity concerns.
The partnership will be formalized in a definitive agreement following shareholder approval of Windtree’s previously announced securities purchase agreement led by Build and Build Corp, which could potentially bring up to an additional $140 million in future subscriptions. This funding could prove crucial, as InvestingPro analysis reveals the company is quickly burning through cash, with negative free cash flow of -$14.87 million in the last twelve months.
Windtree, which describes itself as the first NASDAQ-listed company offering direct exposure to the BNB token, aims to leverage Kraken’s security infrastructure and trading capabilities to manage its BNB assets. BNB is currently the fifth-largest blockchain by market capitalization, valued at over $100 billion.
"Kraken’s expertise and secure platform will strengthen our ability to deliver unparalleled exposure to the Binance ecosystem," said Jed Latkin, Chief Executive Officer of Windtree, according to the press release.
David Olsson, Global Head of Institutional Client Solutions at Kraken, stated that the company’s "deep liquidity and industry-leading security infrastructure" would support Windtree’s digital asset strategy.
The Binance Smart Chain supports a decentralized finance ecosystem with thousands of applications and millions of users, with BNB reportedly seeing average daily trading volumes exceeding $2 billion.
Windtree Therapeutics describes itself as a diversified company with several divisions, including the cryptocurrency treasury strategy and two therapeutic pipelines for which it is seeking development partners.
The partnership agreement is contingent upon shareholder approval of Windtree’s securities purchase agreement and other closing conditions. Despite recent volatility, with the stock showing a 19.48% return over the last week, InvestingPro subscribers have access to 15 additional key insights about Windtree’s financial health and market performance, helping investors make more informed decisions.
In other recent news, Windtree Therapeutics, Inc. has announced significant developments across various fronts. The company entered a $60 million securities purchase agreement led by Build and Build Corp, with the potential for up to an additional $140 million in future subscriptions. This deal aims to launch a BNB crypto treasury strategy, marking Windtree as the first NASDAQ-listed company to offer direct exposure to BNB. Windtree also raised $253,333 through convertible notes and warrants, issuing multiple promissory notes as part of this effort. Additionally, the U.S. Patent and Trademark Office granted Windtree a patent for its istaroxime intravenous formulation for acute heart failure, which could provide protection until 2039 if regulatory approval is obtained. The company reached an interim enrollment goal for its Phase 2 SEISMiC C study of istaroxime in SCAI Stage C cardiogenic shock patients, a critical step in its development program. Furthermore, the Phase 2 study of istaroxime in early cardiogenic shock showed positive results, with improvements in blood pressure, cardiac output, and other key metrics. These developments highlight Windtree’s ongoing efforts in advancing its therapeutic and strategic initiatives.
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