Gold prices steady ahead of Fed decision; weekly weakness noted
Windtree Therapeutics Inc. (WINT) announced it has entered into agreements for up to $520 million in new funding to purchase BNB cryptocurrency as part of its treasury strategy.
The biotechnology company established a $500 million equity line of credit and signed a separate $20 million stock purchase agreement with Build and Build Corp. The company stated that 99% of proceeds from both arrangements will be allocated to acquiring BNB cryptocurrency.
The equity line of credit cannot be utilized until Windtree obtains stockholder approval to increase its authorized shares of common stock. The company did not specify when the stockholder vote would occur.
"We are excited to incorporate these new facilities to enable our future BNB acquisitions as part of our BNB treasury strategy," said Jed Latkin, CEO of Windtree. "Pending stockholder approval, the opportunity to secure additional funds for purchasing more BNB cryptocurrency is essential to our strategy."
Patrick Horsman, director of Build and Build Corp, said the equity line of credit provides flexibility and scale for executing the digital asset treasury strategy. Build and Build Corp was established by Patrick Horsman, Joshua Kruger, and Johnathan Pasch.
Windtree describes itself as a diversified company with a cryptocurrency treasury strategy and therapeutic pipelines. The company is seeking development partners for its therapeutic programs.
The funding arrangements are subject to various conditions and regulatory requirements. Windtree noted risks related to obtaining stockholder approval and meeting conditions required for the equity line of credit in its forward-looking statements.