Nano Labs (NA), a Nasdaq-listed designer of high-throughput computing chips, has struck a non-public settlement to promote $500 million in convertible notes that mature in 360 days to purchase Binance’s BNB
token for its stability sheet.
The unsecured notes will carry no coupon and could be swapped at any time for the corporate’s Nasdaq-traded Class A shares at an preliminary value of $20. If traders maintain to time period, Nano Labs should repay the principal in full.
The agency stated in a press launch that the elevate is step one in a treasury program constructed round Binance’s BNB.
The corporate intends to purchase as a lot as $1 billion in BNB by means of be aware gross sales and different non-public placements, with a long-term aim of proudly owning 5%–10% of the token’s circulating provide. BNB’s complete market capitalization at present stands at $90.3 billion.
Nano Labs will consider BNB’s safety and worth earlier than making the transfer. The agency identified that the settlement isn’t but closed.
Nano Labs’ shares surged greater than 100% because the announcement was made to now commerce at $22.
Its press launch comes shortly after a bunch of former hedge fund executives revealed plans to boost $100 million to purchase BNB by means of a Nasdaq-listed shell firm.
