Nano Labs Announces $500 Million Convertible Note Issuance

According to PANews, Nano Labs Ltd, listed on Nasdaq under the code NA, has announced the signing of a convertible note subscription agreement with several investors. The company plans to issue convertible notes totaling $500 million. These notes have a term of 360 days and do not accrue interest before maturity. Holders have the option to convert the notes into Class A common shares of the company at an initial conversion price of $20 per share. Nano Labs intends to use the funds raised through this financing and private placements to acquire $1 billion worth of BNB. The company aims to hold between 5% and 10% of the total circulating supply of BNB in the long term.