Zhibao Technology faces control risk in 2,380 BTC PIPE deal

Anonymous investors are seeking to take control of Nasdaq-listed Chinese company Zhibao Technology (ZBAO) through a private investment in public equity deal valued at $154.7 million, payable in 2,380 BTC, CryptoSlate reported. If completed, the deal would allocate 44.2 million units, each consisting of one common share and one warrant with a two-year maturity, to 10 investment firms that would each pay 238 BTC. The investors would then gain the right to appoint four of the company’s five directors and install a new CEO and CFO. The BTC price for the transaction was fixed at $65,000 as of July 30, and the companies aim to close the deal within 12 business days of July 31.