KUALA LUMPUR, June 12 (Bernama) -- Selected blue-chip counters trading at attractive valuations helped Bursa Malaysia close higher on Friday, despite cautious market sentiment driven by developments in West Asia, volatility in crude oil prices and uncertainty over the global interest rate outlook. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose by 4.10 points or 0.24 per cent to 1,683.63 compared with Thursday's close of 1,679.53. The key index opened 5.34 points stronger at 1,684.87 earlier today and moved between 1,679.72 and 1,685.39 throughout the session. Market breadth was negative, with losers leading gainers 533 to 479, while 561 counters were unchanged, 1,130 untraded and 33 suspended. Turnover fell to 2.79 billion units worth RM2.31 billion from 3.32 billion units worth RM2.88 billion yesterday.
Regulatory Non-Compliance Triggers Delisting Action
Windtree Therapeutics (WINT.US), a clinical-stage biopharmaceutical firm, has received formal notification from the Nasdaq Capital Market for delisting, following its prolonged failure to meet the minimum bid price requirement under Rule 5550(a)(2). Despite multiple reverse stock splits, the company failed to maintain compliance, and its last day of trading on Nasdaq will be August 21, 2025. Thereafter, WINT will be shifted to the OTC market, where lower investor confidence and limited institutional interest often compound valuation challenges.
Share Price Collapse Accelerates, Market Cap Falls to $3.15M
Following the delisting announcement, WINT's share price collapsed 77.21% during regular trading hours, with an additional 13% drop in after-hours trading. The company’s market capitalization now stands at a mere $3.152 million, reflecting investor exodus amid operational and financial deterioration.
Historical price performance paints a grim picture:
Aug 22, 2024: $517.50 per share
Feb 21, 2025: $4.68 (↓ 99.1%)
Jul 18, 2025: Rebounded to $1.28 post-BNB announcement
Current: Trading below $0.30 (↓ 99.98% YoY)
BNB Treasury Strategy Fails to Revive Sentiment
On July 16, Windtree launched its so-called BNB Treasury Strategy, raising $60 million through a securities offering, followed by a $520 million financing agreement announcement on July 25 to acquire BNB. Despite an initial uptick in trading volume and price, the stock quickly resumed its downward trajectory—declining over 91% since the July peak.
The strategy was met with market skepticism, particularly given the company’s ongoing financial distress and lack of operational visibility around the BNB investment structure.
Weak Financials Underscore Structural Challenges
Windtree’s most recent quarterly report reveals a deepening cash burn:
Net revenue: –$10.64 million vs. –$4.04 million in the prior quarter (↑ 163.04% in losses)
Business status: No commercial-stage products, with all assets in early to mid-stage clinical trials
Revenue outlook: Limited to non-existent in the near term
The firm continues to struggle with capital-intensive R&D without a clear commercialization pathway.
Outlook: High Risk, Speculative Territory Ahead
The transition to the OTC market often signals structural decline, severely restricting access to institutional capital, reducing trading liquidity, and limiting future up-listing opportunities. For Windtree:
Investor risk: Extremely high, with little prospect for near-term recovery
Volatility: Likely to remain elevated due to thin trading and speculative interest
Strategic alternatives: May include asset sales, business restructuring, or further dilution
In the absence of a credible turnaround plan or regulatory/commercial breakthrough, Windtree may serve more as a case study in capital market failure than a recovery candidate.
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