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Investing.com -- Nano Labs (NASDAQ:NA) stock soared 200% after the Web 3.0 infrastructure provider announced a $500 million convertible notes private placement and revealed plans to acquire significant holdings of cryptocurrency BNB.
The China-based company entered into an agreement with several investors for convertible promissory notes with a 360-day maturity and no interest accruing on the principal amount. The notes are convertible into Class A ordinary shares at an initial conversion price of $20 per share, subject to adjustment terms outlined in the agreement.
This agreement represents a strategic growth initiative for Nano Labs. As part of its plan, the company will conduct a thorough assessment of BNB’s security and value. In the initial phase, Nano Labs intends to acquire $1 billion worth of BNB through convertible notes and private placements.
Looking ahead, the company has set an ambitious long-term goal to hold between 5% and 10% of BNB’s total circulating supply, signaling a substantial commitment to the cryptocurrency.
The closing of the agreement remains subject to customary conditions, and the company noted there is no guarantee the transaction will be completed in full or at all.
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