A $12 million Shanghai insurer just took in 2,380 Bitcoin for stock
Zhibao Technology closed a $154.7 million share sale on August 17, paid for entirely in Bitcoin by a group of non-U.S. investors.
The Nasdaq listed Shanghai insurance technology firm was paid 2,380 bitcoins. Zhibaoโs stock was recently trading for less than a dollar and it received a Nasdaq deficiency notice.
2,380 Bitcoin went straight to a company wallet at $65K a coin
Zhibao said in a Form 6-K that it changed the underlying Securities Purchase Agreement and completed the transaction the same day.
Investors sent 2,380 Bitcoin to a specific company wallet to pay the full cost of $154.7 million. That was based on a reference rate of $65,000 per coin, connected to where Bitcoin was trading on July 30.
Buyers purchased 442 million units at $0.35 each. Each unit consists of one Class A ordinary share and a two year warrant.
According to the filing, 395,678,152 units were issued at closing with the remaining 46,321,848 to be issued upon shareholder approval of a larger authorized share count, with no additional payment due.
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