Warrington-based Windtree Therapeutics, a biotechnology company, recently entered into a common stock purchase agreement for up to $500 million to establish an equity line of credit and boost its BNB cryptocurrency treasury strategy.
The company also entered into an additional $20 million stock purchase agreement with Build and Build Corp.
Nearly all of the proceeds will be used to purchase BNB cryptocurrency. Stockholders must give their approval before the company can use the line of credit 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,” Jed Latkin, Windtree CEO, said. “Pending stockholder approval, the opportunity to secure additional funds for purchasing more BNB cryptocurrency is essential to our strategy.”
Establishing a line of credit is part of the company’s strategy to diversify its treasury assets and leverage the potential of blockchain-based digital currencies.
Windtree Therapeutics has several divisions including a cryptocurrency treasury strategy and two therapeutic pipelines.
Build and Build Corp provides innovative solutions to the financial and digital asset sectors. Founders Patrick Horsman, Joshua Kruger and Johnathan Pasch have more than 43 years of hedge funds and digital asset management expertise.