Company: BNBX
Filing Date: 2025-04-04
Form Type: PRE 14A
Source: 0001104659-25-032262
Chunk: 43

Company: BNB PLUS CORP.
Filing Date: 2025-04-04
Form: PRE 14A
Chunk 43
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 2024 and March 14, 2025 (collectively, the “Previous Reverse Stock Splits”). On March 30, 2025, our Board approved the Plan Amendment, subject to stockholder approval, and directed that the Amended Plan be submitted to our stockholders for their approval at the Annual Meeting. The Amended Plan does not contain any modifications, alterations or revisions of any other term or provision of our Current Plan except with respect to the increase in the share reserve, and for the avoidance of doubt, pursuant to the terms of the Amended Plan, if any potential reverse stock split is approved and implemented pursuant to Proposal No. 3, the number of shares of Common Stock available in the share reserve will be adjusted accordingly. As of April 3, 2025 and as a result of the Previous Reverse Stock Splits we had only 5,325 shares of Common Stock that remained available for issuance under the Current Plan. If Proposal No. 5 is approved, the Plan Amendment will become effective with respect to the increase in the number of authorized shares of Common Stock reserved for issuance upon stockholder approval at the Annual Meeting. Without approval by stockholders of the Plan Amendment, the Company will be unable to continue to grant equity awards once the share pool is depleted, potentially resulting in the loss of employees and difficulties in recruiting new employees. The Company did not grant any equity awards under the Current Plan during the fiscal year ended September 30, 2024 due to the small number of shares of Common Stock available under the Current Plan. If the Plan Amendment is not approved, the Company will become increasingly reliant on cash-based compensation, which will deplete the Company’s finite cash resources. Accordingly, our Board recommends the approval of the Plan Amendment. We recognize the dilutive impact that our equity compensation program has on our stockholders and continuously strive to balance this concern with the competition for talent in the competitive business environment and talent market, as well as the current market conditions, in which we operate. In determining the appropriate number of shares to request and add to the pool of shares available for issuance, our Board and the Compensation Committee of our Board of Directors (the “ Compensation Committee ”) worked with management to evaluate a number of factors and carefully considered (i) the potential dilutive impact that the increase would have on our stockholders, (ii) our historical burn rate and overhang, (iii) the number of shares remaining available under the Current Plan, (iv) the realities of equity awards being a key