Core Viewpoint - Zhibao Technology Inc. has entered into a securities purchase agreement for the sale of convertible promissory notes, aiming to raise up to $8 million for working capital purposes [1]. Group 1: Financial Details - The company is selling senior secured 10% original issue discount convertible promissory notes with a principal amount of up to $8 million, with gross proceeds expected to be up to $7.2 million [1]. - Additionally, Zhibao issued $750,000 of pre-funded warrants to the institutional investor, which are exercisable upon certain default events [1][2]. Group 2: Company Overview - Zhibao Technology Inc. is a leading InsurTech company focused on providing digital insurance brokerage services in China [3]. - The company pioneered the 2B2C digital embedded insurance model in China and launched the first digital insurance brokerage platform in 2020, utilizing a proprietary PaaS [3]. Group 3: Product and Technology - Zhibao has developed over 40 proprietary digital insurance solutions across various industries, including travel, sports, logistics, utilities, and e-commerce [4]. - The company leverages big data and artificial intelligence to analyze customer data and enhance its digital insurance offerings continuously [4].
Zhibao Technology Inc. Announces Up to $7.2 Million Convertible Note Financing