Company: BNBX
Filing Date: 2025-04-15
Form Type: DEF 14A
Source: 0001104659-25-034898
Chunk: 40

Company: BNB PLUS CORP.
Filing Date: 2025-04-15
Form: DEF 14A
Chunk 40
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,219,282 shares of Common Stock outstanding (based on 6,497,790 shares of Common Stock outstanding as of the Record Date and including 12,719,465 warrants and 2,027 options to purchase Common Stock outstanding as of the Record Date). If at the time of exercise there is no effective registration statement registering, or the prospectus contained therein is not available for the issuance of, the common stock underlying the Private Placement Warrants, then the Private Placement Warrants may also be exercised, in whole or in part, at such time by means of a cashless exercise, in which case the holder would receive upon such exercise the net number of common shares determined according to the formula set forth in the Private Placement Warrants. Under the alternate cashless exercise option of the Series D Warrants, the holder of a Series D Warrant, has the right to receive, without payment of additional consideration, an aggregate number of shares equal to the product of (x) the aggregate number of shares of common stock that would be issuable upon a cash exercise of the Series D Warrant and (y) 1.0. In addition, the Series D Warrants 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 Series D Warrants, subject to a floor of $3.17. On March 14, 2025, we completed the March 2025 Reverse Stock Split. As a result, the exercise price reset mechanism was triggered, which resulted in the number of shares of Common Stock issuable upon exercise of the Series D Warrants increasing from 406,250 to 2,050,472. The exercise price of the Series D Warrants was adjusted from $16.00 per share to $3.17 per share. In the case of certain fundamental transactions affecting the Company, a holder of Private Placement Warrants, upon exercise of such Private Placement Warrants after such fundamental transaction, will have the right to receive, in lieu of shares of the Common Stock, the same amount and kind of securities, cash or property that such holder would have been entitled to receive upon the occurrence of the fundamental transaction, had