TechFlow, September 30 — According to Business Wire, biotechnology company Applied DNA Sciences (Nasdaq: APDN) announced a private investment in public equity (PIPE) commitment of up to $58 million to launch a digital asset reserve strategy based on BNB.
The company has secured total commitments of $27 million, including cash, stablecoins, and units of the OBNB Trust, with potential additional proceeds of $31 million from future warrant exercises. The financing is expected to close on October 1. The company plans to change its stock ticker to "BNBX" to reflect its strategic focus on BNB reserves.
This round was led by institutional and crypto-native investors including Galaxy, Off The Chain, Silvermine, and Gaia Digital Assets. The company has also appointed leaders from traditional finance and decentralized finance, including Anthony Scaramucci, as advisors. The strategy aims to generate additional returns by integrating decentralized finance protocols and Binance ecosystem-specific strategies.
