BNB treasury company dumps its crypto manager after Nasdaq suspends its stock, leaving no one in charge of its treasury

BNB Plus, formerly known as Applied DNA Sciences, now pairs a BNB treasury strategy with its LineaRx biotechnology business. The company agreed to pay $1 million in cash and issue 200,000 preferred shares to end its relationships with Cypress, which had held discretionary authority over company-designated crypto accounts and wallets. The July 23 deal followed Nasdaq's suspension of BNBX trading, and subsequent filings name no replacement for departed chief investment officer Patrick Horsman.The settlement ended a digital-asset management agreement with Cypress LLC, a strategic-adviser agreement with Cypress Management LLC and an October 2025 consulting agreement with Horsman, according to a July 29 filing.BNB Plus agreed to pay $500,000 when the agreements ended and another $500,000 in 12 equal monthly installments. It will also issue the Cypress parties 200,000 Series B-1 preferred shares across 12 installments. A qualifying payment default can trigger a $1.25 million fee, reduced by the monthly cash installments already paid.The stock component is not equivalent to another cash payment. The Series B-1 terms set an initial liquidation preference and conversion price of $1.05 per s...