Nano Labs signs $500 million convertible note private placement for BNB strategic reserve

Nano Labs Ltd (NASDAQ: NA) announced that it has signed convertible note subscription agreements with multiple investors to issue a total of $500 million in convertible notes. The notes have a term of 360 days, with no interest accruing on the principal before maturity. Holders may choose to convert the notes into Class A common stock of the company during the term, with an initial conversion price of $20 per share.

Nano Labs plans to initially acquire $1 billion worth of BNB through this financing and private placement, aiming to hold 5% to 10% of the total circulating supply of BNB for the long term.