BNB Plus Corp. ended its agreement with Cypress Management after Nasdaq suspended its stock. The company settled nearly 2 million warrants and is moving its BNB treasury strategy in-house with no successor asset manager named.
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BNB Plus fires crypto manager, settles 2 million warrants after Nasdaq halt
BNB Plus Corp. ended its agreement with crypto asset manager Cypress Management and settled nearly 2 million warrants after Nasdaq suspended trading in its stock, with no successor asset manager named.
Clay Shorrock, president and chief executive officer of BNB Plus, said the company is transitioning its BNB treasury strategy execution fully in-house. "Cypress has been a valued, professional partner throughout our relationship, helping us build a disciplined treasury strategy from the ground up," Shorrock said. He described the transition as an important milestone in the company's strategic process to build long-term shareholder value.
The company filed a Form 8-K on July 29 detailing the transition arrangements. The settlement covers nearly 2 million warrants, according to the filing. The move comes a little over a month after BNB Plus completed a shareholder-led financing. The company's stock was suspended by Nasdaq prior to the announcement, pushing its shares to the OTCQB Venture Market under the ticker BNBX.
BNB Plus, formerly Applied DNA Sciences, generates yield through DeFi strategies on BNB Chain combined with Binance-native opportunities, offering investors exposure to BNB without directly holding the token. The company's treasury strategy blends non-directional yield generation with long BNB exposure. BNB Plus also continues to commercialize its proprietary nucleic acid production solutions for the biopharmaceutical and diagnostics markets.
The absence of a named chief investment officer or successor asset manager raises questions about who will oversee the treasury strategy going forward. The company said bringing execution fully in-house will tighten alignment between strategy and execution, though it did not disclose a timeline for appointing new leadership or whether it plans to hire a replacement CIO.
The transition marks a critical juncture for BNB Plus as it navigates the shift from a Nasdaq-listed entity to an OTC-traded company while managing a digital asset treasury without an external manager. The company's strategic review process, announced earlier this year, is ongoing. Investors will watch for further details in subsequent SEC filings, including any updates on the company's search for a permanent treasury manager and the outcome of its broader strategic alternatives review.
This article is for informational purposes only and does not constitute investment advice.
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