Nasdaq Delists BNB Plus Nine Months After Its $27mn Crypto Pivot

The company said in a filing on Monday that a Nasdaq hearing panel had ruled that it was non-compliant with the exchange's $1 minimum bid price, and that trading would stop at Tuesday's open. Its stock moved to the OTCQB Venture Market, a lower tier operated by OTC Markets Group, under the same ticker.

From nucleic acids to BNB

BNB Plus was Applied DNA Sciences, a Stony Brook, New York biotechnology firm selling nucleic acid production services. Its filings still classify it as a testing laboratory.

In October 2025, it closed a private placement raising about $27mn to build a treasury of BNB, the token of the Binance ecosystem, with commitments from Galaxy, Off The Chain, Silvermine and Gaia Digital Assets, and Anthony Scaramucci as an adviser. It took in $15.3mn of cash and stablecoins alongside trust units representing 10,647 BNB. It later bought a further 4,908 tokens for about $5.3mn. It then changed its ticker from APDN to BNBX, renamed itself in November and appointed a chair drawn from crypto trading.

Nine months later, the stock traded at $0.13 in over-the-counter dealing before the US market opened on Wednesday.

The financing behind its appeal

BNB Plus said it will ask Nasdaq's listing council to review the decision, citing a recently closed financing and a strategic review. It acknowledged the request will not stay the delisting.

That financing raised $2.5mn of a $5mn offering, according to a June filing. The original crypto bet raised $27mn.

Other treasury companies have come close to the same rule and stepped back from it. Nakamoto, the Bitcoin treasury formerly known as KindlyMD, executed a reverse split in May after receiving a bid price notice of its own.

BNB Plus did not respond to an email and a telephone call seeking comment. Michael Komaransky, whose KGPLA Holdings was disclosed in June as the purchaser in the May financing, also did not respond to a telephone call.