Zhibao Plans to Sell Shares in Exchange for Approximately $220 Million in Bitcoin, Buyer May Gain Majority of Board Seats
2026-07-23 20:16
Odaily Odaily Planet Daily News 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 raise funds through a PIPE financing by selling shares and 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 signing of definitive agreements. According to the term sheet, upon the closing of the PIPE financing, the buyer is expected to designate a majority of Zhibao's board members, while the existing management team will continue to be responsible for daily operations.
On July 15, Zhibao disclosed that it had received a deficiency notice from Nasdaq due to its share price falling below $1 per share. The company has 180 calendar days to regain compliance with Nasdaq's minimum bid price requirement of $1 per share, 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 signing of definitive agreements. According to the term sheet, upon the closing of the PIPE financing, the buyer is expected to designate a majority of Zhibao's board members, while the existing management team will continue to be responsible for daily operations.
On July 15, Zhibao disclosed that it had received a deficiency notice from Nasdaq due to its share price falling below $1 per share. The company has 180 calendar days to regain compliance with Nasdaq's minimum bid price requirement of $1 per share, with the deadline set for January 6, 2027.
Bài viết đề xuất
