TMX Newsfile reports that US-listed company Zhibao Technology (NASDAQ: ZBAO) has announced that it has signed a non-binding term sheet with JOYERTECH AND INFORMATION OPC, proposing a PIPE financing transaction. Under the agreement, the buyer or its designated entity intends to subscribe for the company’s securities, with consideration expected to include approximately 3,500 Bitcoin. The transaction still needs to be completed, including legal, financial and operational due diligence; execution of the final agreement; and approval from the company and regulators, as well as Nasdaq compliance review. After completion of the transaction, the buyer is expected to nominate board members to occupy a majority of seats. The company’s existing InsurTech business will continue to be handled in day-to-day operations by the current management team until it is spun off, reorganized, or separated.