[Zhibao Plans to Sell Shares in Exchange for Approximately $220 Million in Bitcoin, Buyer May Gain Majority Board Seats] Odaily Planet Daily reports that Nasdaq-listed digital insurance product company Zhibao Technology has announced the signing of a non-binding term sheet with Joyertech and Information OPC. The company plans to conduct a PIPE financing to sell shares and receive approximately 3,500 bitcoins as consideration, valued at roughly $220 million at current prices. The transaction remains subject to final valuation, custody arrangements, audit verification, regulatory review, Nasdaq compliance, and the signing of a definitive agreement. According to the term sheet, upon the closing of the PIPE financing, the buyer is expected to appoint the majority of Zhibao's board members, while the existing management team will continue to oversee daily operations. On July 15, Zhibao disclosed that it had received a deficiency notice from Nasdaq due to its stock price falling below $1 per share. The company has 180 calendar days to regain compliance with Nasdaq's minimum bid price requirement of $1 per share, with the deadline set for January 6, 2027.