Windtree Therapeutics Targets $520M to Expand Binance Coin Holdings

Nasdaq-listed Windtree Therapeutics has unveiled an ambitious funding strategy aimed at raising up to $520 million to expand its Binance Coin (BNB) treasury.

In a press release, the biotechnology company announced that it had entered into an equity line of credit (ELOC) agreement, which could generate up to $500 million. The firm stated that nearly all of the funds from the ELOC would go towards bolstering its BNB reserves.

In addition to the ELOC, Windtree also secured a $20 million stock purchase agreement with Build and Build Corp, pushing the total potential funds raised to $520 million.

The company revealed that it intends to allocate 99% of proceeds from both funding initiatives to acquire more BNB. However, it noted that any purchase of additional Binance Coin using the ELOC proceeds is contingent upon shareholder approval to increase the number of authorized shares in the market.

If approved, Windtree could purchase approximately 676,371 BNB tokens with the funds raised. At the time of reporting, BNB is trading at $761.12, reflecting a slight 0.15% dip in its daily price according to data from CoinMarketCap.

This new funding plan follows Windtree’s earlier announcement in July to buy $60 million worth of BNB under a securities purchase agreement involving Build and Build Corp and other investors.

Following the company’s disclosure of its expanded BNB treasury strategy, Windtree’s stock (WINT) rose by 4.87%, currently trading at $1.02. Over the past six months, its stock has surged by an impressive 537.5%, including a 175.6% gain in July alone — a rally likely driven by its pivot into crypto treasury management.

CEO Jed Latkin emphasized that the additional funding facilities would accelerate the company’s plans to strengthen its crypto reserves.

“Pending stockholder approval, the opportunity to secure additional funds for purchasing more BNB cryptocurrency is essential to our strategy,”

Latkin stated.

Meanwhile, Nano Labs Ltd. significantly increased its exposure to Binance Coin (BNB), raising its strategic reserve to 120,000 BNB, which is currently valued at approximately $90 million.

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