Nano Labs Ltd. (NA), a Chinese fabless integrated circuit designer, on Tuesday announced a deal under which the company has agreed to issue, and several investors have agreed to subscribe for, convertible promissory notes in the aggregate amount of $500 million.
The notes will mature in 360 days following the issuance without interest.
During 360 days from the date of the issuance of these Notes, the Notes are convertible into the class A shares of the company with the initial conversion price of $20 per share. Nano Labs will repay the outstanding principal amount on the maturity date, unless previously converted. As part of the move, Nano Labs will conduct a thorough assessment of the security and value of BNB. In the initial phase, the company plans to acquire $1 billion worth of BNB via convertible notes and private placements. Over the long term, Nano Labs aims to hold 5% to 10% of BNBs total circulating supply.
NA was up by 70.80% at $18.60 in the pre-market trade on the Nasdaq.
For comments and feedback contact: editorial@rttnews.com
Business News
June 19, 2026 16:46 ET Major central banks continued to dominate the economic news flow this week too, led by the Federal Reserve, as they announced their latest policy decisions. The Federal Reserve policy session was in focus as it was the first to be led by the new chief Kevin Warsh. In Europe, central banks of the U.K. and Switzerland announced their rate decisions. In Asia, the Bank of Japan drew attention for its policy moves, while data out of China threw some light on the state of the economy.