Business UpdateJul 29, 2026, 04:16 PM
BNB PLUS CORP. Terminates Strategic Agreements, Settles for $1M Cash & Stock
AI Summary
BNB PLUS CORP. terminated its Strategic Digital Assets Services Agreement with Cypress Digital and its Strategic Advisor Agreement with Cypress Management, along with a Consulting Agreement with Patrick Horsman, effective July 23, 2026. The company entered into a Settlement Agreement, agreeing to pay the Cypress Parties an aggregate of $1,000,000 in cash and issue 200,000 shares of Series B-1 Convertible Preferred Stock. As part of the settlement, Joshua Kruger resigned as Chairman and director, and Patrick Horsman ceased to be Chief Investment Officer. The Cypress Parties also agreed to restrictive covenants and the rescission of 695,322 Series E-1 warrants.
Key Highlights
- Terminated Strategic Digital Assets Services and Strategic Advisor Agreements with Cypress Parties.
- Settlement includes $1,000,000 cash payment to Cypress Parties.
- Will issue 200,000 shares of Series B-1 Preferred Stock to Cypress Parties.
- Joshua Kruger resigned as Chairman and director, effective July 31, 2026.
- Patrick Horsman ceased to serve as Chief Investment Officer.
- Cypress Parties agreed to restrictive covenants until September 29, 2030.
- Rescinded 695,322 Series E-1 warrants and modified 1,291,312 warrants.
Price Impact
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