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Nasdaq-listed Zhibao Technology to Take 3,500 Bitcoin in Proposed PIPE Financing
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Nasdaq-listed Zhibao Technology plans to accept 3,500 bitcoin in a proposed $220 million PIPE deal, a move that would transform the Chinese insurance-tech firm into the latest public company building a bitcoin treasury.
Key facts
- Nasdaq-listed Zhibao Technology plans to accept 3,500 bitcoin in a proposed $220 million PIPE deal, a move that would transform the Chinese insurance-tech firm into the latest public company building
- 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
- 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
- The figure remains subject to final valuation, custody arrangements, an audit, regulatory review, and definitive agreements
Summary
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.