---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-25-095401"
form_type: "8-K"
ticker: "BNBX"
cik: "0000744452"
company_name: "BNB PLUS CORP."
filed_at: "2025-10-01T23:59:59+00:00"
generated_at: "2026-05-17T05:10:25.906031+00:00"
event_type: "other_material"
sentiment: "positive"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# APDN raises $27M via PIPE for BNB treasury strategy; CEO replaced, ticker to change to BNBX

## Summary
- Gross proceeds ~$27M from private placement of shares & warrants; up to $58M if warrants exercised; proceeds to acquire BNB tokens.
- CEO Judith Murrah resigned; Clay Shorrock (former Chief Legal Officer) appointed as President & CEO effective Sept 29, 2025.
- New advisors: Anthony Scaramucci (SkyBridge), Patrick Horsman (CIO), Josh Kruger (Chairman nominee), JR Pasch.
- Company to change ticker to BNBX; plans BNB treasury strategy with active DeFi yield generation via Cypress LLC.
- Entered 5-year DAS with Cypress LLC (1.25% mgmt fee + 10% incentive) and advisor agreement with Cypress Management ($60k/month + 9.5% warrants).

## SEC filing metadata
- accession: 0001104659-25-095401
- form_type: 8-K
- ticker: BNBX
- cik: 0000744452
- company_name: BNB PLUS CORP.
- filed_at: 2025-10-01T23:59:59+00:00
- event_type: other_material
- sentiment: positive
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 1.01, 3.02, 5.02, 7.01, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/744452/000110465925095401/0001104659-25-095401-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/744452/000110465925095401/tm2527342d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-25-095401
- JSON: https://secwatch.observer/filing/0001104659-25-095401.json
- Plain text: https://secwatch.observer/filing/0001104659-25-095401.txt

## Key facts
- Equity Issuances
  BNB PLUS CORP. issued warrants to purchase Common Stock (the “Advisory Warrants”) equal to 9.5% of the shares of Common Stock outstanding on the date of the closing of the Offering of warrant to Cypress Management LLC.
  - Security: warrant
  - Shares: warrants to purchase Common Stock (the “Advisory Warrants”) equal to 9.5% of the shares of Common Stock outstanding on the date of the closing of the Offering
  - Purchaser: Cypress Management LLC
  source text: issue to the Strategic Advisor five (5) year warrants to purchase Common Stock (the “Advisory Warrants”) equal to 9.5% of the shares of Common Stock outstanding on the date of the closing of the Offering
  evidence_url: https://www.sec.gov/Archives/edgar/data/744452/000110465925095401/0001104659-25-095401-index.htm
- Equity Issuances
  BNB PLUS CORP. issued 3,444,164 Series E-2 Warrants (the “Cryptocurrency Common Warrants”) at a per share exercise price of $3.82 of warrant to accredited investors.
  - Security: warrant
  - Shares: 3,444,164 Series E-2 Warrants (the “Cryptocurrency Common Warrants”) at a per share exercise price of $3.82
  - Purchaser: accredited investors
  source text: 3,444,164 Series E-2 Warrants (the “Cryptocurrency Common Warrants”) at a per share exercise price of $3.82
  evidence_url: https://www.sec.gov/Archives/edgar/data/744452/000110465925095401/0001104659-25-095401-index.htm
- Equity Issuances
  BNB PLUS CORP. issued 3,444,164 prefunded warrants (the “Cryptocurrency Prefunded Warrants”) of warrant to accredited investors for offering price of $3.32 per share.
  - Security: warrant
  - Shares: 3,444,164 prefunded warrants (the “Cryptocurrency Prefunded Warrants”)
  - Purchaser: accredited investors
  - Consideration: offering price of $3.32 per share
  source text: 3,444,164 prefunded warrants (the “Cryptocurrency Prefunded Warrants”), at an offering price of $3.32 per share, to purchase shares of Common Stock at a per share exercise price of $3.82
  evidence_url: https://www.sec.gov/Archives/edgar/data/744452/000110465925095401/0001104659-25-095401-index.htm
- Equity Issuances
  BNB PLUS CORP. issued Series E-1 Warrants (the “Common Warrants”) to purchase 4,620,485 shares of Common Stock at a per share exercise price of $3.82 of warrant to accredited investors.
  - Security: warrant
  - Shares: Series E-1 Warrants (the “Common Warrants”) to purchase 4,620,485 shares of Common Stock at a per share exercise price of $3.82
  - Purchaser: accredited investors
  source text: Series E-1 Warrants (the “Common Warrants”) to purchase 4,620,485 shares of Common Stock at a per share exercise price of $3.82
  evidence_url: https://www.sec.gov/Archives/edgar/data/744452/000110465925095401/0001104659-25-095401-index.htm
- Equity Issuances
  BNB PLUS CORP. issued 4,620,485 shares of common stock to accredited investors for $3.32 per share.
  - Security: common stock
  - Shares: 4,620,485 shares
  - Purchaser: accredited investors
  - Consideration: $3.32 per share
  source text: “Cash Purchasers”) pursuant to which the Company agreed to sell and issue to the Cash Purchasers in a private placement offering (the “Cash Offering”), at an offering price of $3.32 per share, an aggregate of 4,620,485 shares (the “Shares”) of common stock of the Company, par value $0.001 per share (the “Common Stock”), and/or prefunded warrants in lieu
  evidence_url: https://www.sec.gov/Archives/edgar/data/744452/000110465925095401/0001104659-25-095401-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.