Company: BNBX
Filing Date: 2025-01-10
Form Type: S-1/A
Source: 0001104659-25-002521
Chunk: 23

Company: BNB PLUS CORP.
Filing Date: 2025-01-10
Form: S-1/A
Chunk 23
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4, we closed on such date
the May 2024 Offering, which included the May 2024 Series A Warrants and May 2024 Series B Warrants, pursuant
to the May 2024 Placement Agency Agreement.

If the May 2024 Series B Warrants
are exercised by way of an alternative cashless exercise, such exercising holder will receive three times the number of shares of Common
Stock they would receive in a cash exercise for each May 2024 Series B Warrant they exercise, without any cash payment to us.
In addition, the May 2024 Series A Warrants and May 2024 Series B Warrants each include a provision that resets their
exercise price in the event of a reverse split of our Common Stock, to a price equal to the lesser of (i) the then exercise price
and (ii) lowest volume weighted average price (VWAP) during the period commencing five trading days immediately preceding and the
five trading days commencing on the date we effect a reverse stock split in the future with a proportionate adjustment to the number
of shares underlying the applicable warrant,

In addition, and subject to certain exemptions,
the May 2024 Series A Warrants provide for an adjustment to the exercise price and number of shares underlying the May 2024 Series A
Warrants if we sell, enter into an agreement to sell, or grant any option to purchase, or sell, enter into an agreement to sell, or grant
any right to reprice (excluding Exempt Issuances, as defined in the May 2024 Placement Agency Agreement), or otherwise dispose of
or issue (or announce any offer, sale, grant or any option to purchase or other disposition) any shares of Common Stock, at an effective
price per share less than the exercise price of the May 2024 Series A Warrants then in effect (the “Price Reset Mechanism”).

On October 30, 2024, the Company and certain
holders of the May 2024 Series A Warrants entered into an amendment to such holders’ May 2024 Series A Warrants (the “Warrant
Amendment”), pursuant to which the Price Reset Mechanism became subject to a floor equal to $0.20.

The Price Reset Mechanism of the May 2024 Series A Warrants, when triggered, would reduce the exercise price of the May 2024
Series A Warrants to the lower of the price per share of the Common Stock issued or