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 steadiness sheet.
The unsecured notes will carry no coupon and may 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 release that the increase 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 way of word gross sales and different personal placements, with a long-term purpose of proudly owning 5%–10% of the token’s circulating provide. BNB’s whole 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% for the reason that announcement was made to now commerce at $22.
Its press launch comes shortly after a bunch of former hedge fund executives revealed plans to raise $100 million to buy BNB by way of a Nasdaq-listed shell firm.