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Zhibao signs term sheet to raise about $220M via Bitcoin PIPE
The Nasdaq-listed insurtech plans to receive roughly 3,500 Bitcoin as payment for the proposed PIPE, giving the buyer control of the board at closing.
Zhibao Technology, a Nasdaq-listed Shanghai-based insurance-tech company, has signed a non-binding term sheet for a PIPE financing in which the buyer would pay for shares using Bitcoin rather than cash, according to Decrypt. The proposed deal would involve roughly 3,500 Bitcoin, valued at about $220 million at current BTC prices. Under the term sheet, Zhibao says it intends to keep operating its existing business while the buyer would designate a majority of the company’s board members at closing, effectively shifting control of the company to the investor. The company said it received a Nasdaq deficiency letter on July 15 for trading below $1 per share, and its stock subsequently moved sharply. After the Bitcoin treasury announcement, Zhibao’s shares briefly rose from about $0.15 to roughly $0.40, then settled near $0.24.
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