secwatch.observer — SEC 8-K summary
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Issuer:     BNB PLUS CORP. (BNBX)
CIK:        0000744452
Form:       8-K
Filed at:   2026-07-29T20:10:25+00:00
Accession:  0001104659-26-088139
Event type: other_material
Sentiment:  negative
Materiality: 0.60
Item codes: 1.01, 1.02, 3.02, 5.02
LLM model:  deepseek-v4-flash:cloud@v2

BNB Plus terminates Cypress agreements, pays $1M, issues preferred stock; Chairman Kruger resigns
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- Settlement terminates Cypress agreements; $1M cash + 200K Series B-1 preferred shares.
- Josh Kruger resigns as Chairman and director effective July 31, 2026; Patrick Horsman ceases as CIO.
- Cypress parties agree to standstill until Sept 2030; rescind 695,322 Series E-1 warrants, modify 1,291,312 warrants.
- Company pays $500K upfront, $500K in 12 monthly installments; default fee of $1.25M.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/744452/000110465926088139/0001104659-26-088139-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/744452/000110465926088139/tm2621525d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-26-088139

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer