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Zhibao Technology Inc., a Nasdaq-listed Shanghai-based company, is aiming to sell approximately $220 million in stock for Bitcoin. The deal involves a binding term sheet with Joyertech and Information OPC for a PIPE financing deal, which would see the buyer taking control of Zhibao’s board of directors. This move comes after Zhibao received a Nasdaq deficiency letter for trading below $1 per share, with its stock price briefly doubling following the Bitcoin treasury announcement. The proposed stock sale would entail Zhibao receiving 3,500 Bitcoin, valued at around $220 million at current prices. The buyer, Joyertech and Information OPC, plans to…
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