Nasdaq-listed company Zhibao Technology plans to sell stocks to exchange for approximately $220 million in Bitcoin

Nasdaq-listed digital insurance product company Zhibao Technology announced that it has signed a non-binding term sheet with Joyertech and Information OPC, intending to sell shares through PIPE financing and receive approximately 3,500 bitcoins as consideration, valued at about $220 million at current prices. The transaction is still subject to final valuation, custody arrangements, audit verification, regulatory review, Nasdaq compliance, and the signing of a final agreement. The term sheet indicates that at the time of PIPE financing closing, the buyer is expected to designate a majority of the board members of Zhibao Technology, while the existing management team will continue to be responsible for daily operations. Zhibao Technology disclosed on July 15 that it received a deficiency notice from Nasdaq due to its stock 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 a deadline of January 6, 2027.