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Windtree Therapeutics, Inc. (WINT) announced it has entered into a $60 million securities purchase agreement led by Build and Build Corp, with potential for up to $140 million in additional future subscriptions, totaling up to $200 million in gross proceeds.
The proceeds, expected to include cash, shares of Osprey BNB Chain Trust and BNB tokens, will be used to launch a BNB crypto treasury strategy and purchase BNB tokens. The transaction requires shareholder approval and satisfaction of other closing conditions.
According to the press release, the deal would make Windtree the first NASDAQ-listed company offering direct exposure to the BNB token. BNB is associated with the Binance ecosystem and represents the fifth-largest blockchain by market capitalization at over $95 billion.
"We are thrilled to propose a groundbreaking BNB strategy to the U.S. market," said Patrick Horsman, CFA, Director of Build & Build Corp. "This innovative solution will offer investors targeted exposure to Binance and BNB, addressing what we believe to be a critical gap in the U.S. investment landscape."
BNB maintains average daily trading volumes of over $2 billion and serves as the native token for the Binance Smart Chain, which supports decentralized finance applications and transactions.
"Today marks a pivotal moment for Windtree," said Jed Latkin, Chief Executive Officer of Windtree. "This transaction secures up to $200 million from institutional investors, offering our shareholders a unique opportunity to gain exposure to a BNB-focused crypto treasury strategy."
Build and Build Corp was established by Patrick Horsman, Joshua Kruger, and Johnathan Pasch, who collectively bring over 43 years of experience in hedge funds and digital asset management. The company is backed by investors including Off The Chain Capital, Kraken, Galaxy, and Silvermine.
Windtree Therapeutics describes itself as a diversified company with divisions including a cryptocurrency treasury strategy and therapeutic pipelines.