Oklo stock tumbles as Financial Times scrutinizes valuation
Investing.com -- Applied DNA Sciences Inc (NASDAQ:BNBX) stock surged 50% in premarket trading Wednesday after the biotechnology company announced the successful closing of a private investment in public equity (PIPE) financing that raised approximately $27 million in gross proceeds.
The PIPE financing, led by institutional DeFi and TradFi investors, included $15.3 million in cash and stablecoins, plus units of the OBNB trust valued at $11.71 million. The company could potentially receive up to an additional $31 million in gross proceeds from future warrant exercises.
As part of its BNB digital asset treasury strategy, Applied DNA also purchased an additional 4,908 BNB tokens with an estimated value of $5.3 million as of October 20.
"We are excited to launch our yield-focused BNB treasury strategy with significant direct and BNB equivalent token exposure," said Patrick Horsman, Chief Investment Officer at Applied DNA. "We see BNB as the next institutional grade blockchain and believe we’re well positioned to capitalize on its future growth."
The company plans to use the net proceeds to continue implementing its BNB treasury strategy, support working capital needs, and cover transaction-related expenses.
Clay Shorrock, CEO of Applied DNA Sciences, noted that the company has "taken decisive steps to streamline our cost structure and position the Company for long-term sustainability."
Lucid Capital Markets acted as the sole placement agent for the offering, with various legal firms advising on the transaction.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.