Nano Labs announces $500 million convertible note private equity financing for BNB strategic reserve Nano Labs Ltd (NASDAQ: NA) announced that it has signed convertible note subscription agreements with multiple investors to issue convertible notes totaling $500 million. The term of this note is 360 days, and the principal will not accrue interest before maturity. The holder may choose to convert the note into Class A common stock of the company during the term, with an initial conversion price of $20 per share. Nano Labs plans to acquire BNB worth $1 billion through this financing and private placement, with the goal of holding 5% to 10% of the total circulating supply of BNB in the long term.