Nasdaq-listed Zhidao Technology plans to sell shares for approximately $220 million worth of bitcoin

ChainCatcher reported that Nasdaq-listed digital insurance product company ZhongAn Technology announced it has signed a non-binding term sheet with Joyertech and Information OPC, intending to sell shares through PIPE financing and receive approximately 3,500 Bitcoin as consideration, valued at about $220 million at current prices. The transaction remains subject to final valuation, custody arrangements, audit verification, regulatory review, Nasdaq compliance, and execution of the final agreement. According to the term sheet, upon closing of the PIPE financing, the buyer is expected to designate the majority of the board members of ZhongAn Technology, while the current management team will continue to be responsible for daily operations. ZhongAn Technology disclosed on July 15 that it received a Nasdaq deficiency notice because its stock price was below $1 per share. The company has 180 calendar days to regain compliance with Nasdaq's minimum $1 bid price requirement, until January 6, 2027.