Zhibao Plans to Sell Shares for Approximately $220 Million in Bitcoin, Buyer May Gain Majority Board Seats
2026-07-23 20:16
Odaily reported that Zhibao Technology, a Nasdaq-listed digital insurance product company, announced the signing of a non-binding term sheet with Joyertech and Information OPC. The company plans to issue shares through a PIPE financing, receiving approximately 3,500 Bitcoins as consideration, valued at around $220 million at current prices.
The transaction remains subject to final valuation, custody arrangements, audit verification, regulatory review, Nasdaq compliance, and the execution of final agreements. According to the term sheet, upon the closing of the PIPE financing, the buyer is expected to designate a majority of the Zhibao board members, while the existing management team will continue to handle daily operations.
On July 15, Zhibao disclosed that it had received a Nasdaq deficiency notice due to its stock price falling below $1 per share. The company has 180 calendar days to regain compliance with Nasdaq's minimum $1 bid price requirement, with the deadline set for January 6, 2027.
The transaction remains subject to final valuation, custody arrangements, audit verification, regulatory review, Nasdaq compliance, and the execution of final agreements. According to the term sheet, upon the closing of the PIPE financing, the buyer is expected to designate a majority of the Zhibao board members, while the existing management team will continue to handle daily operations.
On July 15, Zhibao disclosed that it had received a Nasdaq deficiency notice due to its stock price falling below $1 per share. The company has 180 calendar days to regain compliance with Nasdaq's minimum $1 bid price requirement, with the deadline set for January 6, 2027.
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