Company: BNBX
Filing Date: 2025-11-10
Form Type: DEF 14A
Source: 0001104659-25-109257
Chunk: 16

Company: BNB PLUS CORP.
Filing Date: 2025-11-10
Form: DEF 14A
Chunk 16
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 financing alternative.

We are seeking approval for Proposal No. 1 because, pursuant to the Purchase Agreement, the Engagement Letter and the Crypto Warrants, we issued the Crypto Warrants in the Cryptocurrency Offering, and the Crypto Warrants are not exercisable until we receive Warrant Stockholder Approval. In addition, in the event Warrant Stockholder Approval is obtained and the Crypto Warrants are exercised for cash, the Company would receive approximately $13,157,000.

Nasdaq Stockholder Approval Requirement; Reasons for the Warrant Exercise Proposal

Nasdaq Listing Rule 5635(a) requires stockholder approval prior to the issuance of securities in connection with the acquisition of the stock or assets of another company where, due to the present or potential issuance of common stock, including shares issued pursuant to an earn-out provision or similar type of provision, or securities convertible into or exercisable for common stock, other than a public offering for cash, the number of shares of common stock to be issued is or will be equal to or in excess of 20% of the number of shares of common stock outstanding before the issuance of the stock or securities.

The Crypto Warrants were issued in a private placement which is not a public offering for cash and which resulted in the issuance of securities convertible into our Common Stock equal to more than 20% of the number of outstanding shares of our Common Stock. The current policy of the Nasdaq Stock Market is that OBNB trust units received in payment for the Crypto Warrants are assets of another company, and therefore Nasdaq Listing Rule 5635(a) applies to the issuance of Crypto Warrants. Because of this, the Crypto Warrants provide that they may not be exercised, and therefore have no value, unless stockholder approval of their exercise is obtained.

Nasdaq Listing Rule 5635(d) requires stockholder approval in connection with a transaction, other than a public offering, involving the sale or issuance by the issuer of common stock (or securities convertible into or exchangeable for common stock) equal to 20% or more of the common stock or 20% or more of the voting power of such company outstanding before the issuance for a price that is less than the lower of: (i) the closing price of the common stock immediately preceding the signing of the binding agreement for the issuance of such securities and (ii) the average closing price of the common stock for the five trading days immediately preceding the signing of the binding agreement for the issuance of such securities (such price, the “