Ten mystery investors are using 2,380 BTC to completely hijack a Nasdaq company and gut its leadership
Zhibao Technology agreed to a $154.7 million PIPE priced in 2,380 BTC, but no closing had been disclosed as of Aug. 1. Investors would buy 442 million units at $0.35 each; each unit includes one Class A share and a two-year warrant for another share at the same price, creating up to 884 million new shares total. At closing, investors would gain control of the board and management, naming four of five directors and the new CEO and CFO, while most current directors and executives would resign. The deal requires enough authorized capital, conversion of Class B shares, shareholder and regulatory approvals, and Nasdaq compliance. Zhibao’s current authorization is insufficient even for the first issuance, and the offering would cause heavy dilution to existing holders. The company also faces an unresolved Nasdaq minimum-bid deficiency. The BTC funding, custodian details, and closing conditions remain unverified, so the transaction is still conditional.
