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Nano Labs Announces US$500 Million Convertible Notes Private Placement for BNB Treasury Strategy

HONG KONG, June 24, 2025 (GLOBE NEWSWIRE) -- Nano Labs Ltd (NASDAQ:NA) ("we," the "Company" or "Nano Labs"), a leading Web 3.0 infrastructure and product solution provider in China, today announces that it has entered into a convertible notes purchase agreement (the "Agreement") under which the Company has agreed to issue, and several investors have agreed to subscribe for, a convertible promissory notes in the aggregate principal amount of US$500 million (the "Notes").

The Notes will mature in 360 days following the issuance, with no interest accruing on the outstanding principal amount. During 360 days from the date of this Notes, the Notes are convertible, in whole or in part, into the Class A ordinary shares of the Company (the "Ordinary Shares") at the option of the holder thereof. The conversion price is initially US$20 per Ordinary Share, subject to adjustment as set forth in the Notes. Unless previously converted, the Company shall repay the outstanding principal amount on the maturity date. The Notes shall be an unsecured general obligation of the Company.

The closing under the agreement is subject to customary closing conditions. There is no guarantee that closing will happen in ...