Ebang in its filing with the U.S. Securities and Exchange Commission had ascertained that it is looking forward to listing its shares on NYSE and Nasdaq Global Market. The proceeds from the IPO will go towards the introduction of new mining machines, refurbishment of current ones, focussing on corporate branding through diverse marketing activities and a focus on global brand building for promoting business at a world level. The enterprise has provided to its underwriters the additional right to purchase nearly 2,889,650 additional Class A ordinary shares. This they can do within 30 days from the date of the final prospectus at the IPO price so decided.
EBON trading on NASDAQ begins on June 26th
Trading on the shares begins on June 26th following the US Eastern time. It will be traded on the Nasdaq Global Select Market under the symbol ‘EBON’. The IPO is expected to close on June 30th, 2020. The book running of the IPO has been undertaken by AMTD Global Markets Limited, Loop Capital Markets LLC, and Prime Number Capital LLC. Ebang was founded in 2010 and apart from being the leading bitcoin mining equipment manufacturers, it also designs the Ebit line of ASIC chips for Bitcoin mining. Back in 2019, Ebang’s core revenue came from the sale of ASIC chips and fabless integrated circuits for miners. Its annual revenue registered a 66% drop from $319 million in 2018 to $109 million last year owing to poor demand.
