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.
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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.
Filing Explained
The September 17 amendment removes the conversion floor across the note program and permits remaining financing capacity to close in stages.
On
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.
Key Figures
Key Terms
senior secured convertible notes financial
original issue discount financial
Floor Price financial
Made-Whole Amount financial
Waiver Agreement regulatory
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?
How large is the Third Note issued by Zhibao Technology Inc. (ZBAO)?
What are the payment terms for the Third Note issued by Zhibao Technology Inc. (ZBAO)?
What fees does Zhibao Technology Inc. (ZBAO) owe its placement agent under this note program?
How much in senior secured convertible notes has Zhibao Technology Inc. (ZBAO) issued so far?
AI-generated analysis. How Rhea-AI works. Not financial advice.