BNB Plus cuts ties with Cypress after Nasdaq suspends BNBX

BNB Plus terminated its digital-asset management relationship with Cypress LLC after Nasdaq suspended trading of its BNBX shares and has not named a successor chief investment officer to oversee its BNB treasury.

A July 29 filing records a settlement that ends a discretionary management agreement with Cypress, a strategic-adviser contract with Cypress Management LLC and a consulting agreement with former CIO Patrick Horsman. The company agreed to pay $1 million in total—$500,000 on termination and $500,000 in 12 equal monthly installments-and to issue 200,000 Series B-1 preferred shares in 12 installments. The agreement includes a potential $1.25 million fee for a qualifying payment default, reduced by any monthly cash already paid.

The Series B-1 preferred shares carry an initial liquidation preference, a conversion price of $1.05 per share, an 8% annual dividend and a liquidation formula tied to accumulated preference and unpaid dividends. The filing states those contractual terms do not establish a realizable market value for the shares. The Cypress parties agreed to a standstill through Sept. 29, 2030. The settlement rescinds 695,322 Series E-1 advisory warrants and modifies 1,291,312 other warrants, affecting almost 2 million warrants in total.

Horsman ceased serving as CIO on July 23, and chairman and director Joshua Kruger is set to resign effective July 31. Filings name no replacement CIO or asset manager and do not disclose who will make day-to-day investment decisions for the company’s BNB holdings. The Series B-1 certificate grants holders representing a majority of the preferred shares consent rights over specified material treasury transfers, custody-related liens and certain subsidiary actions, with an exception for ordinary-course custody or staking liens; those rights do not identify an operating investment manager.

Nasdaq suspended trading of BNB Plus’s BNBX shares at the open on July 14 after a Hearings Panel moved to delist the shares for failing to meet the $1 minimum bid requirement. BNB Plus said it would seek a Listing Council review of the delisting decision and that it would file Form 25 only after statutory appeal periods had elapsed. The company’s investor-relations page showed an OTCQB listing for BNBX as of July 30.

In its March 31 quarterly report, BNB Plus reported 2,186 BNB held through subsidiaries, a receivable for the equivalent of 6,077 BNB after those tokens were transferred to Hex Trust under arrangements permitting rehypothecation, and 435,638 OBNB trust units. The July 29 filing did not update those amounts or provide a full current custody map.

The settlement ends Cypress’s discretionary authority over company-designated crypto accounts and wallets. With the former CIO departed and no successor named, the company has not disclosed who will govern its BNB treasury strategy or assume custody and asset-management responsibilities while it pursues regulatory and listing processes.