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Windtree Therapeutics, Inc. (OTCID:WINT), a micro-cap biotech company with a market capitalization of $2.49 million, reported the resignation of Steven G. Simonson, M.D. from his roles as Senior Vice President and Chief Medical Officer, effective immediately as of Tuesday last week. The announcement was made in a statement included in a press release filed with the Securities and Exchange Commission. The news comes as the company’s stock has declined 23% over the past week.
No further details regarding the circumstances of Dr. Simonson’s departure were provided in the filing. Windtree Therapeutics is a Delaware-based company focused on biological products.
This information is based on a press release statement included in a recent SEC filing.
In other recent news, Windtree Therapeutics announced a significant financial development with the approval of several share issuances and amendments to its charter and equity plans. Stockholders approved the issuance of Series D Convertible Shares, Note Conversion Shares, PIPE Warrant Shares, and Series E Preferred Stock conversion shares, as well as Series E Warrant Shares and ELOC Shares. This follows the company’s efforts to secure up to $700 million for its BNB cryptocurrency treasury strategy, which includes a $500 million equity line of credit and a $200 million stock purchase agreement with Build and Build Corp.
Additionally, Windtree Therapeutics received notice from Nasdaq that its common stock will be delisted due to noncompliance with listing rules and will now trade over the counter. The company has applied to be traded on the OTCID tier of the OTC Market. Meanwhile, Windtree reported a significant reduction in its preferred stock, with a 99.3% reduction in Series C and a 68.5% reduction in Series D Preferred Stock. These developments highlight Windtree’s ongoing strategic adjustments and financial maneuvers.
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