Company: BNBX
Filing Date: 2025-02-13
Form Type: 10-Q
Source: 0001410578-25-000126
Chunk: 4

Company: BNB PLUS CORP.
Filing Date: 2025-02-13
Form: 10-Q
Item: Part II, Item 1L
Chunk 4
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Item 1. — Legal Proceedings.

None.

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Item 1A. — Risk Factors.

In addition to the other information set forth in this report, you should carefully consider the factors discussed in Part I, Item 1A, “Risk Factors” in our Annual Report on Form 10-K of the Company filed with the SEC on December 17, 2024, and as updated and supplemented in subsequent filings. These risk factors could materially harm our business, operating results and financial condition. Additional factors and uncertainties not currently known to us or that we currently consider immaterial also may materially adversely affect our business, financial condition or future results.

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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