Mining Giant Ebang to Go Public on Nasdaq
Main page News, US Market, Mining

Chinese mining giant Ebang has just revealed more details about its IPO.

According to a document recently file by the company with the US Securities and Exchange Commission (SEC), Ebang has decided to debut on the Nasdaq.

According to the document, the company plans to launch its shares on the Nasdaq under the ticker EBON and to raise around $106M. To do so, it plans to issue 19.21 million shares at a price of $4.50-6.50.

Even though Ebang announced its plans to go public in the US in April, it did not disclose any further details then.

In the document filed with the SEC, the company has also referred to several risk factors, such as increased regulatory scrutiny on Chinese companies in the US, Bitcoin's current high volatility as well as the company's financial situation. According to the data, Ebang has suffered losses and negative cash flows, so it may not achieve or maintain profitability in the future. The company suffered net losses of $11.8M and $41.1M in 2018 and 2019, respectively.

Ebang's debut in the US would make the company the second mining device maker to go public on the Nasdaq after its rival Canaan Creative debuted on the stock market last year raising $90M.

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