Zhibao Technology sells USD 1 million senior secured convertible note in private placement
ZBAO•ZBAO•ZBAO•ZBAO•Zhibao Technology priced a third closing in its private placement of senior secured convertible notes, selling a USD 1 million note for USD 900,000.
The financing is part of a USD 6.67 million aggregate principal facility, reflecting a 10% original issue discount.
A September 17 amendment removed the conversion floor price and related cash true-up payments across the notes issued under the facility.
The new note’s conversion feature has no floor price, but share issuance is capped at 35,941,170 Class A ordinary shares.
If the share cap is reached, the note must be repaid at 125% of outstanding amounts; it also requires 12 equal monthly installments.
