Applied DNA Sciences has agreed to a $58 billion private investment in public equity and named a new chief executive as it plans to become a digital asset treasury.
The Stony Brook, N.Y., company, which has operated as a biotechnology company, said Monday it wants to pivot to a treasury strategy based on BNB, a native cryptocurrency of the Binance blockchain system. It plans to use the funds from the placement to acquire BNB, and will change its ticker to BNBX to reflect its shift to a treasury company.
Judy Murrah voluntarily resigned from her role as president and chief executive. Clay Sharrock has been named her successor. He previously served as chief legal officer and president of the company's LineaRx subsidiary.
Applied DNA plans to have Anthony Scaramucci and JR Pasch lead a to-be-formed crypto strategic advisory board, which after formation, will add other leaders in crypto and finance.
Applied DNA has secured commitments of $27 million in cash, stablecoin and units of the OBNB Trust. It also has the potential for up to an additional $31 million in proceeds from future investment of warrant exercises.
The company is offering 4.73 million shares and common warrants in cash alongside 3.33 million warrants in cryptocurrency. The warrants in both offerings will be priced at $3.82 each.
The transaction is expected to close on or about Oct. 1.
The company also entered a five-year agreement with Cypress to provide discretionary asset management services as it transitions into its treasury strategy.
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