Zhibao Technology (ZBAO) Announces Up to $7.2M Convertible Note Financing

Zhibao Technology Inc. (NASDAQ: ZBAO) today announced that it has entered into a definitive securities purchase agreement with an institutional investor for the sale of senior secured 10% original issue discount convertible promissory notes (the "Notes") in the principal amount of up to $8 million, with 40% warrant coverage, to be drawn in tranches, for gross proceeds of up to $7.2 million. The Company also issued $750,000 of pre-funded warrants to such institutional investor, exercisable upon the occurrence of events of defaults as set forth in the Notes. The Company plans to use the net proceeds when received from the offering for working capital purposes.

EF Hutton LLC acted as exclusive placement agent for the offering.

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