PANews, August 3 — According to CryptoSlate, Nasdaq-listed Zhibao Technology, a Chinese insurtech company, signed a $154.7 million PIPE (Private Investment in Public Equity) agreement on July 31. Investors will pay with 2,380 bitcoins at a fixed price of $65,000 per bitcoin. The agreement lists ten investor entities, each allocated 44.2 million units, totaling $15.47 million paid in 238 bitcoins. Investors purchased 442 million units at $0.35 per unit, with each unit comprising one Class A common share and a two-year warrant to purchase one additional share at an exercise price of $0.35, resulting in a potential total issuance of 884 million shares.
Zhibao Tech Signs $154.7M PIPE Deal, Investors Pay 2,380 BTC for Board Control
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Summary
Zhibao Tech, a Nasdaq-listed Chinese insurtech firm, announced a $154.7 million BTC transaction on July 31. Investors paid 2,380 BTC at $650,000 per coin. Ten entities each received 44.2 million units at $0.35 per unit, including one share and a two-year warrant. The total number of shares could reach 88.4 million. This BTC-related news underscores a significant capital raise.
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