BNB treasury company dumps its crypto manager after Nasdaq suspends its stock, leaving no one in charge of its treasury
BNB Plus, formerly Applied DNA Sciences, now combines a BNB treasury strategy with its LineaRx biotech business. It ended its digital-asset management relationship with Cypress and consulting arrangement with former CIO Patrick Horsman through a July 23 settlement requiring $1 million in cash and 200,000 Series B-1 preferred shares paid in installments. The deal also rescinds or modifies nearly 2 million advisory warrants and includes a long standstill for Cypress. Horsman stopped serving as CIO on July 23, and no replacement investment manager has been disclosed. Chairman Joshua Kruger will resign July 31, also without a successor named. The company’s BNB trading was suspended by Nasdaq on July 14 after a minimum-bid failure, and its current listing status remains unresolved. The filing did not explain who now controls day-to-day BNB investment decisions or provide a complete updated custody map.
