Company: BNBX
Filing Date: 2025-02-13
Form Type: 10-Q
Source: 0001410578-25-000126
Chunk: 8

Company: BNB PLUS CORP.
Filing Date: 2025-02-13
Form: 10-Q
Item: Part II, Item 2U
Chunk 8
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Item 2. — Unregistered Sales of Equity Securities and Use of Proceeds.

October 2024 Offering

On October 30, 2024, the Company entered into a purchase agreement with certain institutional investors (the “October Purchase Agreement”), pursuant to which the Company agreed to issue and sell, in a registered direct offering and concurrent private placement (the “Offering”) (i) 19,247,498 shares of the Company’s Common Stock, (ii) pre-funded warrants to purchase up to 1,065,002 shares of Common Stock, (iii) Series C warrants to purchase up to 20,312,500 shares of Common Stock (“Series C Warrants”), (iv) Series D warrants to purchase up to 20,312,500 shares of Common Stock (“Series D Warrants”) and (v) Placement Agent warrants to purchase up to 1,015,625 shares of Common Stock (“Placement Agent Warrants”, and, with the Series C Warrants and Series D Warrants, the “Private Placement Warrants”).

The Company received gross proceeds from the Offering, before deducting placement agent fees and other estimated offering expenses payable by the Company, of approximately $6.5 million.

Each of the Private Placement Warrants were not registered under the Securities Act and were issued in reliance on the exemptions from registration provided by Section 4(a)(2) under the Securities Act and Regulation D promulgated thereunder, for transactions not involving a public offering.

Pursuant to the Purchase Agreement, within 20 calendar days from the date of the Purchase Agreement, the Company agreed to file a registration statement on Form S-1 providing for the resale by the purchasers in the Offering of the shares of Common Stock issuable upon exercise of the Private Placement Warrants. The Company agreed to use commercially reasonable efforts to cause such registration statement to become effective within 50 calendar days following the closing date of the Purchase Agreement (or 90 calendar days following the closing date of the Purchase Agreement in the event that the Commission requires the Company to include its audited year-end financial statements for the fiscal year ended September 30, 2024 in such registration statement) and to keep such registration statement effective at all times until no Purchaser owns any Private Placement Warrants or shares of Common Stock issuable upon exercise thereof. The registration statement was filed on November 19, 2024 and became effective on January 17, 2025.

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