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Investing.com -- Windtree Therapeutics Inc (NASDAQ:WINT) stock rose 4.9% after the biotechnology company announced it has secured a Common Stock Purchase Agreement for up to $500 million to establish an equity line of credit (ELOC) to support its cryptocurrency treasury strategy.
The company also entered into an additional $20 million stock purchase agreement with Build and Build Corp. According to the announcement, 99% of proceeds from both agreements will be allocated to acquiring BNB cryptocurrency. However, the ELOC cannot be utilized until Windtree obtains stockholder approval to increase its authorized shares of common stock.
"We are excited to incorporate these new facilities to enable our future BNB acquisitions as part of our BNB treasury strategy," stated Jed Latkin, CEO of Windtree. "Pending stockholder approval, the opportunity to secure additional funds for purchasing more BNB cryptocurrency is essential to our strategy."
The company indicated that establishing the ELOC reflects its strategy to diversify treasury assets and leverage blockchain-based digital currencies while maintaining prudent financial management.
Patrick Horsman, CFA, Director of Build and Build Corp, commented on the agreement, saying, "Windtree’s strategy to integrate BNB into its treasury reflects a forward-thinking approach to value creation. The ELOC provides the flexibility and scale needed to execute on this digital asset treasury vision."
Windtree Therapeutics describes itself as a biotechnology company that is diversifying its portfolio through strategic initiatives.
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