Zhicao Tech to Sell Shares for $2.2 Million in Bitcoin via PIPE Deal

Huo Xing Cai Jing reports that Nasdaq-listed digital insurance product company Zhibao Technology has signed a non-binding term sheet with Joyertech and Information OPC to sell shares via a PIPE financing and receive approximately 3,500 bitcoins as consideration, equivalent to about $220 million at current prices. The transaction remains subject to final valuation, custody arrangements, audit verification, regulatory review, Nasdaq compliance, and execution of a definitive agreement. The term sheet indicates that upon closing of the PIPE financing, the buyer is expected to designate a majority of Zhibao Technology’s board members, while the existing management team will continue to oversee day-to-day operations. On July 15, Zhibao Technology disclosed that it received a Nasdaq deficiency notice due to its stock price falling below $1.00 per share. The company has 180 calendar days to regain compliance with Nasdaq’s $1.00 minimum bid price requirement, with the deadline extending to January 6, 2027.