Zhibao Technology, a Nasdaq-listed Chinese insurtech company, has signed a $154.7 million private investment in public equity (PIPE) agreement payable in 2,380 BTC. If the deal closes, the investors involved would take control of the company's board and management.
As of Aug. 1, no closing had been disclosed for the transaction, which was formalized through a securities purchase agreement dated July 31.
Deal Structure
Under the agreement, investors would purchase 442 million units priced at $0.35 each. Each unit consists of one Class A ordinary share and a two-year warrant allowing the holder to buy an additional Class A share, also at $0.35.
