Hong Kong, China – June 24, 2025 (Global Newswire) — Nano Labs Ltd. (Nasdaq: NA) (“the Company” or “Nano Labs”), a leading provider of Web 3.0 infrastructure and product solutions in China, today announced that it has entered into a Convertible Note Subscription Agreement (the “Agreement”) with a group of investors. Under the Agreement, the Company has agreed to issue, and the investors have agreed to subscribe for, convertible promissory notes (the “Notes”) with an aggregate principal amount of USD 500 million.

The Notes will mature 360 days from the date of issuance and will bear no interest prior to maturity. During the term of the Notes (within 360 days from the issuance date), the holders may elect to convert all or a portion of the outstanding principal into Class A ordinary shares of the Company (the “Ordinary Shares”). The initial conversion price is set at USD 20 per Ordinary Share, subject to adjustments in accordance with the terms of the Notes. If not converted prior to maturity, the Company will repay the entire outstanding principal amount on the maturity date. The Notes represent the Company’s unsecured general obligations.

The closing of the transaction is subject to customary closing conditions. There is no assurance that the transaction will be completed in whole or in part, and investors should not place undue reliance on the information contained in this press release.

The execution of the Agreement marks a significant step in the Company’s strategic growth plan. As part of this strategy, Nano Labs will conduct a comprehensive evaluation of the security and value of BNB. In the initial phase, the Company intends to acquire BNB valued at USD 1 billion through this private placement of convertible notes. In the long term, Nano Labs aims to hold between 5% and 10% of BNB’s total circulating supply.