ZhiBao Technology plans to conduct PIPE financing valued at approximately 3,500 BTC

PANews July 22 reported that Zhibao Technology, a Nasdaq-listed company (code: ZBAO), has signed a non-binding term sheet with JOYERTECH AND INFORMATION OPC, with plans for a PIPE financing in which approximately 3,500 Bitcoins (BTC) will be used as consideration. The transaction still needs to complete legal, financial, and operational due diligence, sign the definitive agreement, and obtain approvals from the company and regulators, as well as pass Nasdaq’s compliance review. The agreement is intended to allow the buyer to nominate the majority of the board members after the transaction closes. Until the company’s existing business spin-off, disposal, or restructuring is completed, the current management will continue to be responsible for day-to-day operations.