Zhibao Technology plans to sell stocks in exchange for 3500 bitcoins, with the buyer potentially gaining a majority of seats on the board of directors

Nasdaq listed company Zhibao Technology plans to sell its stocks through PIPE financing in exchange for approximately 3500 bitcoins worth around $220 million. After the transaction is completed, the buyer is expected to designate a majority of the members of the Zhibao board of directors. On July 15th, Zhibao received a defect notice from NASDAQ due to its stock price falling below $1 per share, requiring compliance to be restored within 180 calendar days.