Nano Labs Announces 500 million USD Convertible Notes Private Funding for BNB Strategic Reserve

Nano Labs Ltd. (Nasdaq: NA) (hereinafter referred to as Nano Labs), a leading provider of Web 3.0 infrastructure and product solutions in China, announced today that it has signed a Convertible Notes Subscription Agreement (the Agreement) with a number of investors, pursuant to which Nano Labs agrees to issue and the investors agree to subscribe for convertible promissory notes (the Notes) with a total principal amount of USD 500 million.
The agreement specifically reads: This Note will mature 360 days from the date of issue, and the principal amount shall not bear interest until maturity. During the life of the Note (within 360 days from the date of issue), the holder may elect to convert all or part of the Note into Class A common stock of the Company (common stock). The initial conversion price is $20 per common stock, and the specific conversion price can be adjusted according to the terms of the Note. If the Note is not converted earlier, the Company will repay the entire outstanding principal amount on the maturity date. This Note is an unsecured general debt obligation of the Company. The closing of this Agreement is subject to regular closing conditions. The Company cannot guarantee that the closing will be completed in whole or in part, and investors should not place undue reliance on the information in this press release.
Nano Labs also said that in the initial stage, Nano Labs plans to acquire $1 billion worth of BNB through convertible notes and private placements. In terms of long-term goals, Nano Labs plans to hold 5% to 10% of the total circulating supply of BNB.