# BNB PLUS CORP. (BNBX) — management_change/chair [announced]
Source: SEC API (secapi.ai) · situation sit_9d3e03a3890572626451 · retrieved 2026-08-11T16:16:03.523Z

## Overview
By using proceeds from financings, as well as potential cashflow from our operations, we seek to strategically accumulate BNB and utilize the accumulated BNB as a productive treasury asset to produce yield via Binance native and other decentralized (DeFi) finance opportunities.

On July 23, 2026, BNB Plus Corp. entered into a Termination, Standstill, and Mutual Release Agreement with Cypress LLC, Cypress Management LLC, and three individuals (JR Pasch, Joshua Kruger, and Patrick Horsman) to terminate three prior service agreements effective immediately. The Company agreed to pay the Cypress Parties an aggregate of $1,000,000 in cash ($500,000 upfront and $500,000 in twelve equal monthly installments) and issue 200,000 shares of Series B-1 Convertible Preferred Stock in twelve equal monthly installments beginning one month after the termination date. The Cypress Parties agreed to a standstill through September 29, 2030, restricting proxy solicitation, stockholder proposals, board representation, and additional share purchases. Additionally, 695,322 Series E-1 warrants were rescinded and 1,291,312 remaining Series E-1 warrants were modified to waive anti-dilution rights in fundamental transactions.

## Terms
- Counterparty: Cypress LLC, Cypress Management LLC, JR Pasch, Joshua Kruger, Patrick Horsman · Deal value: $1.0M · Consideration: mixed

## Key dates
- Announced 2026-07-29

## Timeline
- 2026-07-29 · 8-K (0001104659-26-088139): 8-K - BNB PLUS CORP. — *By using proceeds from financings, as well as potential cashflow from our operations, we seek to strategically accumulate BNB and utilize the accumulated BNB as a productive treasury asset to produce yield via Binance native and other decentralized (DeFi) finance opportunities.* On July 23, 2026, BNB Plus Corp. entered into a Termination, Standstill, and Mutual Release Agreement with Cypress LLC, Cypress Management LLC, and three individuals (JR Pasch, Joshua Kruger, and Patrick Horsman) to terminate three prior service agreements effective immediately. The Company agreed to pay the Cypress Parties an aggregate of $1,000,000 in cash ($500,000 upfront and $500,000 in twelve equal monthly installments) and issue 200,000 shares of Series B-1 Convertible Preferred Stock in twelve equal monthly installments beginning one month after the termination date. The Cypress Parties agreed to a standstill through September 29, 2030, restricting proxy solicitation, stockholder proposals, board representation, and additional share purchases. Additionally, 695,322 Series E-1 warrants were rescinded and 1,291,312 remaining Series E-1 warrants were modified to waive anti-dilution rights in fundamental transactions.
  https://www.sec.gov/Archives/edgar/data/744452/0001104659-26-088139.txt

## Citations
- 0001104659-26-088139 — https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&type=&dateb=&owner=include&count=40&search_text=000110465926088139