Zhibao Tech Raises $154.7M via $65K Bitcoin-Backed PIPE Financing

Zhibao Technology (Nasdaq: ZBAO) has announced plans to issue $154.7 million worth of Bitcoin in a private investment in public equity (PIPE) financing transaction.

The Company will issue 442,000,000 units of its securities to non-U.S. investors, with each unit consisting of one Class A ordinary share and one warrant to purchase one Class A ordinary share. The warrants have an exercise price equal to the purchase price per unit and are exercisable for a period of two years from the closing date.

The PIPE Financing is expected to raise 2,380 Bitcoin, based on a reference price of $65,000 per Bitcoin. Following the closing of the transaction, Zhibao Technology expects to hold approximately 2,380 Bitcoin, valued at around $154.7 million.