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Quick take:
Windtree plans to use 99% of the proceeds from the equity line of credit and the private placement to acquire more BNB cryptocurrency.
The equity line of credit is subject to approval from stakeholders to increase authorized shares of common stock.
The $20 million stock placement purchase agreement is backed by Build and Build Corp.
Windtree Therapeutics, Inc. (NasdaqCM: WINT) has raised $520 million to buy more BNB tokens. The Warrington, Pennsylvania-based biotechnology company is investing in digital assets as part of its long-term plan to diversify its portfolio through strategic initiatives.
According to the press release on Thursday, Windtree has entered into a Common Stock Purchase Agreement for up to $500 million to establish an equity line of credit (“ELOC”). He company is also raising an additional $20 million stock purchase agreement with Build and Build Corp.
Windtree said it plans to use 99% of the funds raised from both the ELOC offering and the Build and Build Corp agreement to acquire more BNB. The equity line of credit is subject to approval from stakeholders to increase 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.”
Patrick Horsman, CFA, Director of Build and Build Corp, commented: “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.”
The announcement comes as more mainstream companies continue to explore digital asset alternatives as a means to hedge their balance sheets against economic fluctuations and foreign currency exchange shocks.
Windtree said it has committed up to $700 million to BNB acquisitions to reinforce its innovative crypto treasury strategy.
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