Nano Labs announces $500 million convertible note private equity financing for BNB strategic reserve

According to Golden Finance, Nano Labs Ltd (Nasdaq: NA) (hereinafter referred to as Nano Labs), a leading provider of Web3.0 infrastructure and product solutions in China, announced today that it has signed a convertible note subscription agreement (this agreement) with multiple investors. According to the agreement, Nano Labs agrees to issue and investors agree to subscribe for convertible notes (this note) with a total principal amount of $500 million. The specific content of the agreement is that this promissory note will mature 360 days from the issuance date, and the principal will not accrue interest before maturity. During the term of the notes (within 360 days from the date of issuance), the holder may choose to convert all or part of the notes into the Company's Class A ordinary shares (ordinary shares). The initial conversion price is $20 per ordinary share, and the specific conversion price may be adjusted according to the terms of the notes. If the bill is not converted in advance, the company will repay all outstanding principal on the due date. This bill is an unsecured general debt obligation of the company. The transaction of this agreement must comply with the usual transaction conditions. The company cannot guarantee that the transaction will be completed in whole or in part, and investors should not overly rely on the information in this press release. Nano Labs also stated that in the initial stage, Nano Labs plans to acquire BNB worth $1 billion through convertible notes and private placement. In terms of long-term goals, Nano Labs plans to hold 5% to 10% of the total circulating supply of BNB.