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Zhibao Tech issues $1M capped convertible note

Zhibao Technology Inc. (ZBAO) amended its existing securities purchase agreement and senior secured convertible notes with its note holder and completed a third closing of this financing structure.

(Neutral)
(Neutral)
Form Type
6-K

Rhea-AI Filing Summary

Zhibao Technology Inc. (ZBAO) amended its existing securities purchase agreement and senior secured convertible notes with its note holder and completed a third closing of this financing structure. The agreement permits issuance of up to $6,666,667 in original principal amount of senior secured convertible notes, sold at a 10% original issue discount.

On September 17, 2026, Zhibao issued a Third Note with an original principal amount of $1,000,000, purchased for $900,000, with substantially the same terms as earlier notes but without any floor price for conversions. The Third Note includes a Share Cap of 35,941,170 Class A ordinary shares and requires 12 equal monthly installment payments; if the Share Cap is reached before full conversion, the company must repay 125% of the sum of principal, interest, Made-Whole Amount and late charges. In connection with the third closing, Zhibao also entered into a waiver agreement with the note holder and made required payments under the first two notes, while paying placement commissions and expenses.

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Filing Explained

The September 17 amendment removes the conversion floor across the note program and permits remaining financing capacity to close in stages.

On September 17, 2026, Zhibao and the note holder amended the financing to remove the floor price and related cash true-up from the First Note, Second Note, and any future notes; conversions are therefore no longer subject to a stated minimum price.

The amendment also permits multiple closings for the remaining availability under the securities purchase agreement, creating capacity to complete that financing in separate transactions rather than one closing.

Total note capacity under SPA $6,666,667 original principal Aggregate original principal amount of senior secured convertible notes permitted under the securities purchase agreement
Original issue discount 10% Applies to the First Note, Second Note and Third Note issued under the securities purchase agreement
First Note principal and purchase price $3,333,333 principal; $3,000,000 purchase price Initial senior secured convertible note issued April 10, 2026
Second Note principal and purchase price $555,556 principal; $500,000 purchase price Second senior secured convertible note issued June 4, 2026
Third Note principal and purchase price $1,000,000 principal; $900,000 purchase price Third senior secured convertible note issued September 17, 2026
Share Cap for Third Note 35,941,170 Class A ordinary shares Maximum number of Class A ordinary shares issuable upon conversion of the Third Note
Repayment multiple if Share Cap reached 125% Multiple of principal, interest, Made-Whole Amount and late charges payable if the Share Cap is reached
Placement fee percentage and legal fee cap 7.5% fee; $25,000 legal reimbursement cap Compensation and expense reimbursement to placement agent R.F. Lafferty & Co., Inc.
senior secured convertible notes financial
"issue and sell to the Note Holder one or more new series of senior secured convertible notes"
A senior secured convertible note is a loan a company issues that sits near the top of its repayment order (senior), is backed by specific assets as collateral (secured), and can be swapped into company shares later (convertible). For investors this matters because it combines lower risk of repayment and legal protection from the collateral with the upside of converting into equity—so it affects both the safety of debt holders and potential dilution for shareholders.
original issue discount financial
"original principal amount of up to $6,666,667 ... with an original issue discount of 10%"
Original issue discount (OID) is the difference between a debt security’s face value and the lower price at which it is first sold, treated as additional interest that accrues over the life of the instrument. For investors it matters because OID raises the effective yield and changes taxable income and the holding’s cost basis over time — think of buying a $100 voucher for $90 and recognizing the $10 gain as earned interest as the voucher approaches maturity.
Floor Price financial
"definition of “Floor Price” in the First Note and Second Note was amended"
The floor price is the minimum price at which a security, asset, or offering will be sold or accepted, acting like a seller’s “bottom line” or a reserve in an auction. For investors it matters because it sets a visible downside limit and can influence trading, valuation, and expectations of risk—like knowing there’s a safety net that a sale won’t go below a set level.
Share Cap financial
"the number of Class A ordinary shares issuable under the Third Note is subject to a cap of 35,941,170 (the “Share Cap”)"
Made-Whole Amount financial
"Made-Whole Amount (as defined in the Third Note) and late charges under the Third Note"
Waiver Agreement regulatory
"entered into a Waiver Agreement (the “Waiver Agreement”), pursuant to which the Note Holder agreed"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What financing structure did Zhibao Technology Inc. (ZBAO) update in this Form 6-K?

Zhibao updated its securities purchase agreement and senior secured convertible notes with a note holder, including removing the floor price and related cash true-up payments and allowing multiple closings for up to $6,666,667 in original principal amount of notes.

How large is the Third Note issued by Zhibao Technology Inc. (ZBAO)?

On September 17, 2026, Zhibao issued a Third Note with an original principal amount of $1,000,000, purchased for $900,000 with a 10% original issue discount, as part of its senior secured convertible note financing.

What share cap applies to the Third Note of Zhibao Technology Inc. (ZBAO)?

The Third Note includes a cap under which a maximum of 35,941,170 Class A ordinary shares may be issued upon conversion. If this Share Cap is reached, the company must repay 125% of principal, interest, Made-Whole Amount and late charges on the Third Note.

What happens if the Share Cap is reached on Zhibao Technology Inc.’s (ZBAO) Third Note?

If the Share Cap of 35,941,170 Class A ordinary shares is reached, Zhibao must pay off the entire Third Note in an amount equal to 125% of the sum of outstanding principal, interest, the Made-Whole Amount and any late charges.

What are the payment terms for the Third Note issued by Zhibao Technology Inc. (ZBAO)?

The Third Note requires Zhibao to make 12 equal monthly installment payments. It otherwise has substantially the same terms as the first two senior secured convertible notes previously issued under the same securities purchase agreement.

What fees does Zhibao Technology Inc. (ZBAO) owe its placement agent under this note program?

Under the placement agency agreement, Zhibao agreed to pay the placement agent a cash fee equal to 7.5% of the aggregate gross proceeds actually received from note sales and to reimburse documented legal fees of the agent’s counsel up to $25,000.

How much in senior secured convertible notes has Zhibao Technology Inc. (ZBAO) issued so far?

Zhibao has issued a First Note with original principal of $3,333,333, a Second Note with original principal of $555,556, and a Third Note with original principal of $1,000,000, each sold at a 10% original issue discount.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Learn about SEC filing dates

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 6-K

 

REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934

 

For the month of September 2026

 

Commission File Number: 001-42000

 

Zhibao Technology Inc.

(Translation of registrant’s name into English)

 

Floor 3, Building 6, Wuxing Road, Lane 727

Pudong New Area, Shanghai, China, 201204

(Address of principal executive offices)

 

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

 

☒ Form 20-F       ☐ Form 40-F

  

 

 

 

 

  

INFORMATION CONTAINED IN THIS FORM 6-K REPORT

 

Private Placements – Convertible Promissory Notes

 

As previously disclosed on the Form 6-K filed by Zhibao Technology Inc. (the “Company”) with the Securities and Exchange Commission (the “SEC”) on April 10, 2026, on April 8, 2026, Company entered into a securities purchase agreement (the “SPA”) with a certain third-party investor (the “Note Holder”), pursuant to which the Company agreed to issue and sell to the Note Holder one or more new series of senior secured convertible notes of the Company, in the aggregate original principal amount of up to $6,666,667 (the “Notes”) (for an aggregate purchase price of up to $6,000,000, with an original issue discount of 10%). In connection with the SPA, the Company also entered into a placement agency agreement, dated April 8, 2026 (the “Placement Agency Agreement”), with R.F. Lafferty & Co., Inc. (“Lafferty”), pursuant to which Lafferty agreed to act as the exclusive placement agent for the Company, on a reasonable best efforts basis, in connection with the private placement of the Notes. Pursuant to the Placement Agency Agreement, the Company agreed to pay Lafferty a cash fee equal to 7.5% of the aggregate gross proceeds actually received by the Company from the sale of the Notes at each closing and to reimburse Lafferty for the reasonable and documented legal fees and disbursements of counsel to Lafferty in an amount not to exceed $25,000.

 

On April 10, 2026, the Company issued and sold an initial Note in the original principal amount of $3,333,333 (purchased for $3,000,000 with an original issue discount of 10%) (the “First Note”) under the SPA to the Note Holder. On June 4, 2026, pursuant to the SPA, the Company issued and sold an initial Note in the original principal amount of $555,556 (purchased for $500,000 with an original issue discount of 10%) (the “Second Note”) under the SPA to the Note Holder, with substantially same terms as the First Note.

 

As previously disclosed on the Form 6-K filed by the Company with the SEC on August 6, 2026, on August 5, 2026, the Company and the Note Holder entered into an Amendment to the Senior Secured Convertible Notes (the “August Amendment”), pursuant to which the definition of “Floor Price” in the First Note and Second Note was amended from $0.30 to $0.22.

 

Amendment to the SPA and Notes

 

On September 17, 2026, the Company and the Note Holder entered into an Amendment to the Securities Purchase Agreement and Notes (the “Amendment”), pursuant to which the Company and the Note Holder agreed, among others, to (a) remove the floor price and cash true-up payments in the event the floor price is triggered from the First Note, Second Note and any Notes to be issued pursuant to the SPA and (b) allow multiple closings with respect to the remaining availability under the SPA.

 

Waiver Agreement

 

On September 17, 2026, the Company and the Note Holder also entered into a Waiver Agreement (the “Waiver Agreement”), pursuant to which the Note Holder agreed to, in connection with the purchase of the Third Note at a closing (the “Third Closing”), waive certain terms and conditions with respect to the Third Closing under the SPA and the Third Note.

 

Third Closing

 

On September 17, 2026 (the “Closing Date”), pursuant to the SPA, as amended by the Amendment, the Company issued and sold an additional senior secured convertible note in the original principal amount of $1,000,000 (purchased for $900,000 with an original issue discount of 10%) (the “Third Note”) to the Note Holder.

 

The Third Note has substantially the same terms as the First Note and the Second Note, except that (a) any conversion price under the Third Note is not subject to any floor price, (b) the number of Class A ordinary shares issuable under the Third Note is subject to a cap of 35,941,170 (the “Share Cap”), (c) in the event that the Share Cap is reached, the Company is required to pay off the entire Third Note in an amount equal to 125% of the sum of the outstanding principal, interest, Made-Whole Amount (as defined in the Third Note) and late charges under the Third Note, and (d) the Company is required to make 12 equal monthly installment payments under the Third Note.

 

In connection with the consummation of the Third Closing, the Company made required payments under the First Note and the Second Note to the Note Holder and paid certain commissions and expenses.

  

The foregoing descriptions of the Amendment, the Waiver Agreement, and the form of the Note do not purport to be complete and are qualified in their entirety by reference to the full text of these documents, copies and/or form of which are filed as Exhibits 10.1, 10.2, and 4.1 respectively, to this Report on Form 6-K and incorporated herein by reference.

 

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INCORPORATION BY REFERENCE

 

This Report on Form 6-K is hereby incorporated by reference into the registration statement on Form S-8 (Registration No. 333-293537), to the extent not superseded by documents or reports subsequently filed or furnished by the Company under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended.  

 

EXHIBIT INDEX

 

Exhibit No.   Description
4.1   Senior Convertible Promissory Note as of September 17, 2026.  
10.1   Amendment to Securities Purchase Agreement and Note, dated September 17, 2026, by and between Zhibao Technology Inc. and 3i, LP.
10.2   Waiver Agreement, dated September 17, 2026, by and between Zhibao Technology Inc. and 3i, LP.

 

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SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  Zhibao Technology Inc.
     
Date: September 17, 2026 By: /s/ Jinmei Guo Hellstroem
  Name: Jinmei Guo Hellstroem
  Title: Chief Executive Officer

 

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Filing Exhibits & Attachments

3 documents

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