On May 8, 2025, ZW Data Action Technologies Inc. entered into agreements to sell 119,100 shares of common stock each for $250,110 to two investors, totaling $500,220 for 238,200 shares. Additionally, on May 13, 2025, they agreed to sell 132,400 shares for $278,040, all at a price of $2.1 per share, with lock-up agreements in place for six months.