Nano Labs' $500M Convertible Notes Boost Shares Amid BNB Strategy
Nano Labs shares surge after announcing $500M convertible notes and plans to acquire $1B in BNB. The company aims to hold 5-10% of BNB supply.
Nano Labs Ltd NA shares experienced a significant rise on Tuesday after the announcement of a strategic financial move. The China-based web 3.0 infrastructure provider disclosed its intention to raise $500 million through convertible senior notes, coupled with a targeted BNB treasury strategy.
In a significant development, Nano Labs has entered into a convertible notes purchase agreement with several investors. This agreement will see the issuance of $500 million in promissory notes. The conversion price for this private placement is initially set at $20 per ordinary share, with a maturity date 360 days from issuance.
Moreover, Nano Labs has announced plans to thoroughly assess the security and value of the BNB coin. The company aims to acquire $1 billion worth of BNB cryptocurrency via convertible notes and private placements. Their longer-term goal is to hold between 5% and 10% of the total circulating supply of BNB.
Previously, Nano Labs adopted Bitcoin as its primary reserve asset, and as of March, the company reported holding about 400 Bitcoins, purchased for approximately $40 million. This latest strategic move marks a significant shift in their cryptocurrency investment approach.
On the stock market, Nano Labs shares soared by 105%, reaching $22.34 at the time of publication, as reported by Benzinga Pro. This surge reflects investor confidence in the company’s strategic direction and potential growth in the cryptocurrency space.
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