Windtree Therapeutics Faces Compliance Issues with Nasdaq Listing Rules

Windtree Therapeutics, Inc. (NASDAQ: WINT) has encountered compliance challenges with the Nasdaq listing rules, as per a recent 8-K SEC filing. The company reported to The Nasdaq Stock Market LLC on December 2, 2024, that it is currently not meeting the majority independent Board standard and the audit committee requirement outlined in Nasdaq Listing Rules 5605(b)(1) and 5605(c)(2)(A) respectively. The appointment of Jed Latkin as President and Chief Executive Officer led to a lack of independent directors, and the Audit Committee now consists of two members, falling short of Nasdaq requirements.

Subsequently, on December 4, 2024, Windtree Therapeutics received an Audit Committee & Board Independence Notice from the Nasdaq Listing Qualifications Department highlighting the non-compliance with the aforementioned standards. The company is actively exploring options to regain compliance within the stipulated cure periods under Nasdaq rules, with a deadline of either the next annual meeting of stockholders or December 1, 2025.

Additionally, Windtree Therapeutics received a Minimum Bid Price Requirement Deficiency Letter on the same day, indicating that the closing bid price for its common stock has been below the minimum $1.00 per share required for continued listing on The Nasdaq Capital Market. While typically provided a 180-day period for compliance, the company is ineligible for this extension due to previous reverse stock splits. Windtree intends to request a hearing before a Hearings Panel to address the deficiency.

The notices received do not have an immediate impact on Windtree Therapeutics’ stock listing, and shares will continue trading on The Nasdaq Capital Market under the symbol “WINT” for the time being. The company aims to address these compliance issues promptly, although there can be no certainty of regaining full compliance within the prescribed timelines. Keep an eye on Windtree Therapeutics as it navigates these challenges to ensure continued listing on the Nasdaq Capital Market.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Windtree Therapeutics’s 8K filing here.

Windtree Therapeutics Company Profile

Windtree Therapeutics, Inc, a biotechnology company, focuses on the development of therapeutics for the treatment of acute cardiovascular diseases. The company’s lead product candidate is istaroxime, which is in Phase 2b clinical trial for the treatment of acute decompensated heart failure, as well as for the treatment of early cardiogenic shock.