Zhibao plans to sell shares to obtain about $220 million worth of Bitcoin; the buyer may also secure a majority seat on the board of directors

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Odaily Planet Daily reports that Nasdaq-listed digital insurance product company Zhibao Technology announced that it has signed a non-binding term sheet with Joyertech and Information OPC. The company plans to sell shares through PIPE financing and will receive about 3,500 BTC as consideration, which is approximately $220 million at the current price.

The transaction is still subject to final valuation, custody arrangements, audit verification, regulatory review, Nasdaq compliance, and the final execution of the agreement. The term sheet shows that at PIPE financing closing, the buyer is expected to designate a majority of members of the Zhibao board of directors, while the existing management team will continue to be responsible for day-to-day operations.

Zhibao disclosed on July 15 that it received a Nasdaq deficiency notice because its share price was below the minimum $1 per share requirement. The company has 180 calendar days to regain compliance with Nasdaq’s minimum $1 per share bid price requirement, with the deadline on January 6, 2027.
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