Zhibao Technology plans to sell shares in exchange for 3,500 bitcoins, and the buyer may secure a majority of board seats.

Nasdaq-listed company Zhibao Technology plans to sell shares through PIPE financing in exchange for approximately 3,500 Bitcoin, valued at around $220 million. After the transaction is completed, the buyer is expected to appoint the majority of Zhibao board members. On July 15, Zhibao received a Nasdaq deficiency notice for its share price falling below $1 per share and must regain compliance within 180 calendar days.