Zhibao Technology, a Nasdaq-listed Chinese digital insurance company, signed a non-binding term sheet with Joyertech and Information OPC to receive approximately 3,500 Bitcoin in a PIPE financing deal worth roughly $220 million. The buyer would take control of the company by designating a majority of the board of directors, while the current management team continues running day-to-day operations. The company received a Nasdaq deficiency letter on July 15 for trading below $1 per share, with the stock hovering around $0.22. Following the announcement, the share price surged from $0.15 to $0.40 in a matter of hours before settling around $0.24, representing roughly a 60 percent gain. The transaction remains subject to several conditions including regulatory review and Nasdaq compliance, with until January 6, 2027 to meet the $1 minimum bid price requirement.
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