Nano Labs signs $500 million convertible note private sale financing for BNB strategic reserve.

ChainCatcher news, Nano Labs Ltd (NASDAQ: NA) announced that it has signed subscription agreements for convertible notes with multiple investors to issue a total of $500 million in convertible notes. These 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 within the term, with an initial conversion price of $20 per share. Nano Labs plans to initially acquire BNB worth 1 billion dollars through this financing and private placement, aiming to hold 5% to 10% of the total circulating supply of BNB in the long term.

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