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HONG KONG - Nano Labs Ltd (NASDAQ:NA), a Web 3.0 infrastructure provider in China with a market capitalization of $185.38 million and impressive gross profit margins of 55.47%, announced Tuesday it has entered into an agreement to issue convertible promissory notes totaling $500 million to several investors. According to InvestingPro analysis, the company’s current valuation suggests it may be overvalued compared to its Fair Value.
According to the press release statement, the notes will mature in 360 days with no interest accruing on the principal amount. Holders can convert the notes into Class A ordinary shares at an initial conversion price of $20 per share during the 360-day period.
The company stated the notes will be unsecured general obligations, and the closing is subject to customary conditions with no guarantee of completion.
As part of its strategic growth plan, Nano Labs indicated it will assess the security and value of BNB cryptocurrency. The company plans to acquire $1 billion worth of BNB through convertible notes and private placements initially, with a long-term goal of holding 5% to 10% of BNB’s total circulating supply.
Nano Labs describes itself as a provider of high throughput computing (HTC) and high performance computing (HPC) chips. The company has established a flow processing unit architecture that integrates features of both HTC and HPC, and has adopted Bitcoin as its primary reserve asset.
The company’s product offerings include its proprietary Cuckoo series chips, which it positions as alternative Application-Specific Integrated Circuit solutions to traditional GPUs.
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