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BNB Plus ends Cypress crypto management after Nasdaq suspends BNBX
A July 23 settlement ends Cypress's discretionary authority over BNB treasury accounts and wallets, while Nasdaq suspends BNBX leaves BNB Plus with no named replacement CIO or asset manager.
BNB Plus, formerly known as Applied DNA Sciences, has ended its relationships with Cypress after Nasdaq suspended trading of BNBX, leaving the company without a named replacement for its chief investment officer, according to a July 29 filing reviewed by CryptoSlate.
The company agreed to pay Cypress $500,000 when the agreements ended and another $500,000 in 12 equal monthly installments, and to issue 200,000 Series B-1 preferred shares across 12 installments. The settlement follows a July 23 deal that ended discretionary authority Cypress held over company-designated crypto accounts and wallets and also brought an end to related advisory, management, and consulting agreements.
BNB Plus said its chairman and director Joshua Kruger will resign effective Friday, July 31, while filings name no successor CIO or asset manager to oversee the company-designated BNB treasury investments after Patrick Horsman ceased serving as CIO on July 23.
The agreement also calls for rescinding 695,322 Series E-1 advisory warrants and modifying 1,291,312 additional warrants, covering nearly 2 million warrants in total, and includes terms such as initial liquidation preference and an 8% annual dividend on the Series B-1 shares.
Separately, the Series B-1 terms give holders of a majority of the preferred shares consent rights over certain material treasury transfers and custody-related actions, but the filing does not identify an operating investment manager. The Nasdaq Stock Market suspended BNBX at the open on July 14 after a Hearings Panel decided to delist the security.
Latest closeBNB $588.00 ▲2.9%|Nasdaq Comp. 24,442.94 ▼1.7%