BNB Plus Pays $1M to End Disputes with Cypress After Nasdaq Suspension

BNB Plus, formerly Applied DNA Sciences, has settled its disputes with Cypress, ending their digital-asset management agreement. As part of the deal, BNB Plus will pay $1 million in cash and issue 200,000 preferred shares to the Cypress parties.

The settlement comes after Nasdaq suspended trading of BNBX, a stock related to BNB Plus, on July 14 due to failing the $1 minimum-bid requirement. The company had planned to appeal, but the suspension remains in place.

As part of the agreement, nearly 2 million warrants will be rescinded or modified. BNB Plus has not named a successor chief investment officer (CIO) or asset manager following Patrick Horsman's departure on July 23.