BNB Plus Pays $1 Million, Issues Shares to End Cypress Deals

BNB Plus, formerly Applied DNA Sciences, has settled its agreements with Cypress LLC and ended its digital-asset management relationship. The company agreed to pay $1 million in cash and issue 200,000 preferred shares as part of a deal reached on July 23.

Nasdaq suspended BNBX trading on July 14 due to the stock's failure to meet the $1 minimum-bid requirement. The suspension was the result of a Hearings Panel decision to delist the shares, and BNB Plus plans to seek Listing Council review.

Patrick Horsman, former chief investment officer, ceased serving in his role on July 23. Chairman Joshua Kruger will resign effective July 31, but the company has not named a successor for either position.