Company: BNBX
Filing Date: 2025-01-10
Form Type: S-1/A
Source: 0001104659-25-002521
Chunk: 25

Company: BNB PLUS CORP.
Filing Date: 2025-01-10
Form: S-1/A
Chunk 25
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isability of the Private Placement Warrants is contingent upon us obtaining Warrant Stockholder Approval. If we do not obtain such Warrant Stockholder Approval, the Private Placement Warrants may never become exercisable.

The Private Placement Warrants are not immediately
exercisable, as their exercisability is contingent upon us obtaining Warrant Stockholder Approval. The Private Placement Warrants
will become exercisable upon the Stockholder Approval Date and will expire on the five-year anniversary of such date with respect to
the Series C Warrants, and on the eighteen-month anniversary of such date with respect to the Series D Warrants. The Placement
Agent Warrants will become exercisable upon the Stockholder Approval Date and will expire on October 30, 2029. While we intend to
promptly seek Warrant Stockholder Approval for these mechanisms, there is no guarantee that it will ever be obtained. In the event that
we cannot obtain Warrant Stockholder Approval, the Private Placement Warrants may never become exercisable. If we are
unable to obtain Warrant Stockholder Approval, the Private Placement Warrants will have no value.

<div align='center'>9</div>

We have agreed to hold the Special Meeting
on January 23, 2025 in order to obtain Warrant Stockholder Approval. There is no guarantee we will be able to hold the Special Meeting
on this date, or at all. If we do not obtain Warrant Stockholder Approval at the Special Meeting, we are obligated to call a meeting
every ninety days thereafter to seek Warrant Stockholder Approval until the earlier of the date on which Stockholder Approval is obtained
or the Series Warrants are no longer outstanding.

There are a large number of shares of Common Stock underlying our outstanding options and warrants and the sale of these shares may depress the market price of our Common Stock and cause immediate and substantial dilution to our existing stockholders.

As of January 8, 2025, we had 55,188,523 shares
of Common Stock issued and outstanding, outstanding options to purchase 107,243 shares of Common Stock, outstanding warrants to purchase
91,791,191 shares of Common Stock, and 270,002 shares available for grant under our equity incentive plan. The issuance of shares upon
exercise of our outstanding options and warrants will cause immediate and substantial dilution to our stockholders and any sale thereof
may depress the market price of our Common Stock.

There is substantial doubt relating to our ability to continue as a going