BEIJING (dpa-AFX) - Nano Labs Ltd. (NA), a Chinese fabless integrated circuit designer, on Tuesday announced a deal under which the company has agreed to issue, and several investors have agreed to subscribe for, convertible promissory notes in the aggregate amount of $500 million.
The notes will mature in 360 days following the issuance without interest.
During 360 days from the date of the issuance of these Notes, the Notes are convertible into the class A shares of the company with the initial conversion price of $20 per share. Nano Labs will repay the outstanding principal amount on the maturity date, unless previously converted.
As part of the move, Nano Labs will conduct a thorough assessment of the security and value of BNB. In the initial phase, the company plans to acquire $1 billion worth of BNB via convertible notes and private placements. Over the long term, Nano Labs aims to hold 5% to 10% of BNBs total circulating supply.
NA was up by 70.80% at $18.60 in the pre-market trade on the Nasdaq.
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