BNB Plus Corp ends Cypress agreements, chairman to resign
The company will pay $1,000,000 and issue preferred shares to settle terminated crypto advisory deals, and Chairman Josh Kruger will resign July 31, 2026.
BNB Plus Corp, formerly Applied Dna Sciences INC, disclosed in a Form 8-K dated July 23, 2026 that it has terminated its arrangements with Cypress LLC and related parties. The company had entered a Strategic Digital Assets Services Agreement with Cypress LLC on September 29, 2025 for discretionary asset management, and a Strategic Advisor Agreement the same day with Cypress Management LLC for advisory services in the crypto technology sector.1
On July 23, 2026, the company and the Cypress Principals, including Chairman Joshua Kruger and Chief Investment Officer Patrick Horsman, along with the Cypress entities, signed a Termination, Standstill, and Mutual Release Agreement ending the Digital Services Agreement, the SA Agreement, and a separate Consulting Agreement with Horsman dated October 1, 2025.1
Under the settlement, the company agreed to pay the Cypress Parties an aggregate of $1,000,000, made up of a $500,000 initial payment on the termination date and $500,000 in twelve equal monthly installments, plus issuance of 200,000 shares of Series B-1 Convertible Preferred Stock in twelve equal monthly installments starting one month after the termination date.1 A default on payment obligations would trigger a $1,250,000 fee, reduced by any installments already paid, except in cases of non-compliance by the Cypress Parties.1
The Cypress Parties also agreed to a standstill through September 29, 2030, restricting proxy solicitations, board nominations, and further stock purchases.1 Cypress Strategic Advisor agreed to rescind 695,322 Series E-1 warrants and modify 1,291,312 remaining warrants to waive certain rights tied to fundamental corporate transactions.1
Kruger notified the company on July 26, 2026 of his resignation as Chairman and director effective July 31, 2026, which the filing states was not due to any disagreement with the company.1 Horsman also ceased serving as Chief Investment Officer as of the termination date.1 The company said it intends to file the full Settlement Agreement as an exhibit to its next Quarterly Report on Form 10-Q.1
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