Zhibao Registers 810M PIPE Shares for Resale — 180% Overhang on Existing Float
ZBAO is trading near its 52-week low of $0.15 (13% above the low).
Summary
Zhibao filed an F-1 to register 810 million PIPE shares and warrants for resale — an overhang equal to 180% of the current float, with only 22.1 million authorized shares left to cover future issuances.
Key Events · Financing and Capital Events · ZBAO
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810M PIPE Shares Registered for Resale
F-1 registers 414,275,709 Class A ordinary shares and 395,678,152 warrant shares from the $154.7M Bitcoin PIPE closed August 17, 2026 — making the overhang tradable.
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Resale Equals 180% of Current Float
The registered resale represents approximately 180.28% of the 449,264,625 Class A ordinary shares outstanding as of August 26, 2026 — a massive potential supply increase.
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Warrant Exercise Could Add $138.5M
Warrants carry a $0.35 exercise price; if all 395,678,152 warrants are exercised for cash, the company would receive approximately $138.5 million in gross proceeds.
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Authorized Share Shortfall
Only 22,136,878 authorized but unissued Class A shares remain — insufficient to cover warrant shares or the 46,321,848 Second Release units without shareholder approval.
Analysis · ZBAO · Finance
This F-1 registers for resale 414.3 million Class A ordinary shares and 395.7 million warrant shares issued in the $154.7 million Bitcoin PIPE that closed August 17, 2026. The resale represents approximately 180% of the 449.3 million shares currently outstanding — a massive overhang that could depress the stock price as Selling Shareholders exit. The company also discloses it has only 22.1 million authorized but unissued shares remaining, insufficient to cover the warrant shares or the 46.3 million Second Release units without shareholder approval. Against a backdrop of a Nasdaq deficiency notice, going-concern doubt, and a stock trading at $0.17, this registration converts a previously locked-up PIPE into a tradable supply that could flood the market.
How filings like this one have moved
In the 30 days to Sep 13, 2026, 35.6% of the 1216 measured filings Wiseek scored 8 moved their stock by 5% or more by the next session's close. The median move was -0.43%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, ZBAO was trading at $0.17 on NASDAQ in the Finance sector, with a market capitalization of approximately $8.4M. The 52-week trading range was $0.15 to $1.34. This filing was assessed with negative market sentiment and an importance score of 8 out of 10.