Nasdaq-listed Zhibao Technology to Take 3,500 Bitcoin in Proposed PIPE Financing
Bitcoin Magazine
Nasdaq-listed Zhibao Technology to Take 3,500 Bitcoin in Proposed PIPE Financing
Zhibao Technology, a Shanghai-based insurance-technology firm listed on the Nasdaq, said Wednesday it has signed a non-binding term sheet for a stock sale that would be paid for in bitcoin — some 3,500 coins, worth near $220 million at current prices.
The deal, a private investment in public equity known as a PIPE, would have a buyer named Joyertech and Information OPC subscribe for Zhibao shares with consideration the company expects to include about 3,500 BTC.
The figure remains subject to final valuation, custody arrangements, an audit, regulatory review, and definitive agreements. Zhibao stressed that the term sheet binds no one, and that the transaction may change or fall through.
The structure hints at a familiar move. Zhibao (NASDAQ: ZBAO), which pioneered a “2B2C” embedded-insurance model in China and launched the country’s first digital insurance brokerage platform in 2020, would keep running its existing business at first.
… Continue reading the full article at the original source below.
