Nano Labs (NA), a NASDAQ-Listed Designer of Computing Chips with High Review, has entered into a private agreement to sell $ 500 million in convertible notes maturing in 360 days to buy Binance’s BNB
Token for his balance.
The unsecured notes will have no coupon and can be exchanged for the company’s NASDAQ-traded class A shares at any time at an initial price of $ 20. If investors stick to a term, Nano Labs must repay the principal fully.
The company said in a press release that the increase is the first step in a Treasury program built around Binance’s BNB.
The company intends to buy as much as $ 1 billion in BNB through Note sales and other private locations with a long-term goal of owning 5% –10% of token’s circulating supply. BNB’s total market value is currently at $ 90.3 billion.
Nano Labs will evaluate BNB’s security and value before making the move. The company pointed out that the agreement has not yet been closed.
Nano Labs’ shares rose more than 100%since the message was made to trade now for $ 22.
Its press release comes shortly after a group of former leaders of hedge fund revealed plans to raise $ 100 million to buy BNB through a NASDAQ-listed Shell Company.
