Overview

• Nano Labs will issue $500 million in convertible promissory notes under a private placement agreement.
• The unsecured notes carry no interest and mature in 360 days with an option for investors to convert before repayment.
• The company aims to deploy the funds alongside private placements to acquire $1 billion worth of BNB, which has a market capitalization near $90 billion.
• Over time, Nano Labs seeks to hold between 5% and 10% of BNB’s total circulating supply.
• Following the announcement, its shares more than doubled to $22, marking a two-year high.