Zhibao Plans to Sell Shares for Approximately $220 Million in Bitcoin, Buyer May Gain Majority Board Seats
2026-07-23 20:16
Odaily Odaily reported that Zhibao Technology, a Nasdaq-listed digital insurance products company, announced it has signed a non-binding term sheet with Joyertech and Information OPC. The company plans to sell 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 signing of a definitive agreement. According to the term sheet, upon the closing of the PIPE financing, the buyer is expected to designate a majority of the members of Zhibao's Board of Directors, while the existing management team will continue to be responsible for day-to-day operations.
On July 15, Zhibao disclosed that it had received a deficiency notice from Nasdaq because its stock price had fallen below $1.00 per share. The company has 180 calendar days, until January 6, 2027, to regain compliance with Nasdaq's minimum bid price requirement of $1.00 per share.
The transaction remains subject to final valuation, custody arrangements, audit verification, regulatory review, Nasdaq compliance, and the signing of a definitive agreement. According to the term sheet, upon the closing of the PIPE financing, the buyer is expected to designate a majority of the members of Zhibao's Board of Directors, while the existing management team will continue to be responsible for day-to-day operations.
On July 15, Zhibao disclosed that it had received a deficiency notice from Nasdaq because its stock price had fallen below $1.00 per share. The company has 180 calendar days, until January 6, 2027, to regain compliance with Nasdaq's minimum bid price requirement of $1.00 per share.
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