BNB Plus Dumps Manager After Nasdaq Suspension, Leaving Treasury Void

Woofun AI reports that BNB Plus, formerly Applied DNA Sciences, has severed ties with its crypto manager while integrating a BNB treasury strategy alongside its LineaRx biotechnology operations. This corporate identity shift coincides with a leadership vacuum, as the company has not named a successor to departed chief investment officer Patrick Horsman or chairman Joshua Kruger.

The termination agreement, finalized on July 23, mandates a $1 million cash settlement paid as $500,000 upfront and $500,000 in 12 equal monthly installments. A default triggers a $1.25 million fee, reduced by payments already made, while Cypress accepts a standstill through Sept. 29, 2030. Per Woofun AI, the deal also involves issuing 200,000 Series B-1 preferred shares to the former manager.

Equity restructuring includes rescinding 695,322 Series E-1 advisory warrants and modifying 1,291,312 others, affecting nearly 2 million warrants in total. These changes follow Nasdaq's suspension of BNBX trading, which prompted the immediate cessation of Horsman’s discretionary authority over company-designated crypto accounts and wallets.

Governance uncertainty persists as Joshua Kruger resigns effective Friday, July 31, with no replacement asset manager identified. While Series B-1 holders gain consent rights over majority preferred shares regarding treasury transfers and custody-related liens, these protections exclude ordinary-course custody or staking liens, leaving day-to-day BNB investment decisions undefined.