Company: BNBX
Filing Date: 2025-04-04
Form Type: PRE 14A
Source: 0001104659-25-032262
Chunk: 41

Company: BNB PLUS CORP.
Filing Date: 2025-04-04
Form: PRE 14A
Chunk 41
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 the Private Placement Warrants been exercised immediately prior to such fundamental transaction. In lieu of such consideration, a holder of Private Placement Warrants may instead, without exercise, elect to receive a cash payment based upon the Black-Scholes value of their Private Placement Warrants. The Company carefully considered its financing alternatives and the expense of conducting one or more special stockholder meetings to approve the exercise of the Private Placement Warrants pursuant to Nasdaq listing Rule 5635(d) and concluded that the Offering, including the issuance of the Private Placement Warrants, was the best available financing alternative. We are seeking approval for Proposal No. 4 because, pursuant to the Purchase Agreement, the Engagement Letter and the Private Placement Warrants, we issued the Private Placement Warrants in the Offering, and the Private Placement Warrants are not exercisable until we receive Warrant Stockholder Approval, and we are obligated pursuant to the Purchase Agreement to obtain Warrant Stockholder Approval, as described below. In addition, in the event Warrant Stockholder Approval is obtained and the Private Placement Warrants are exercised for cash, the Company would receive approximately $13,325,000 if the holders of the Series D warrants do not elect to utilize the alternate cashless exercise option. Alternatively, in the event that Warrant Stockholder Approval is obtained, and the holders of the Series D Warrants elect to utilize the alternate cashless exercise option, the Company would only receive $6,825,000 if the remaining Private Placement Warrants were exercised for cash. 26 TABLE OF CONTENTS Pursuant to the Purchase Agreement, the Company agreed to file a preliminary proxy statement with respect to obtaining Warrant Stockholder Approval at a special meeting of stockholders (the “ Special Meeting ”) within 20 days following the closing date of the Purchase Agreement and, in the event the Company did not obtain Warrant Stockholder Approval at the Special Meeting, to call a meeting every ninety (90) days after each Special Meeting until either Warrant Stockholder Approval is obtained or the October Series Warrants are no longer outstanding, whichever is earlier. The Company held the Special Meeting on January 23, 2025, but the meeting was adjourned until February 14, 2025 and then subsequently adjourned until February 28, 2025 as a result of a failure to receive the required quorum to hold such meeting. At the February 28, 2025 re-convening of the Special Meeting, the Company again failed to receive the required quorum to