Nano Labs (NA) stock rocketed higher on Tuesday after the fabless integrated circuit design company announced a new strategy to acquire $1 billion worth of Binance Coin (BNB). The company’s goal is to hold 5% to 10% of BNB’s total circulating supply.
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To go along with this, Nano Labs announced a $500 million convertible notes purchase agreement. The notes will be sold for $20 each and will mature 360 days after they are issued. Nano Labs will use funds from this agreement and private placements to fuel its purchase of Binance Coin.
NA stock surged 164.46% higher on Tuesday after it announced the offering and BNB strategy. That extended a 21.68% rally year-to-date and a 149.43% 12-month increase.
Is Nano Labs Stock a Buy, Sell, or Hold?
Turning to Wall Street, coverage of Nano Labs is limited. However, TipRanks’ AI analyst Spark has it covered. Spark rates NANO stock Neutral (57) with a $12.50 price target, suggesting a potential 14.78% upside. It cites “significant financial challenges, despite positive technical indicators and strategic efforts” as reasons for this rating.
See what else Spark has to say about NA stock
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