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

PANews reported on June 24 that Nano Labs Ltd (NASDAQ: NA ) announced that it has signed a convertible note subscription agreement with multiple investors to issue convertible notes totaling $ 500 million. The term of this note is 360 days, and the principal will not accrue interest before maturity. The holder can choose to convert the note into the company's Class A common stock within 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, and aims to hold 5% to 10% of the total circulating supply of BNB for a long time.