Chinese language Bitcoin (BTC) miner producer Ebang will reportedly be listed on Nasdaq World Market below the ticker EBON later this week, changing into the second crypto mining firm to go public in america.
In keeping with a report from Chinese language crypto information outlet Blockbeats, Ebang might be formally listed on Friday, June 26. Moreover, Blockstream chief technique officer Samson Mow tweeted a screenshot of an invite to a Ebang occasion held at a resort in Hangzhou, the place the corporate is headquartered, which additionally begins on Friday.
Ebang goals to boost $125 million, extending the unique objective
Ebang filed for a $100 million initial public offering (IPO) with america Securities and Alternate Fee in April this yr. The agency determined to enter the U.S. inventory market after an unsuccessful try and conduct a $1 billion IPO in Hong Kong in 2018.
On June 17, the corporate submitted its newest submitting to the SEC, selecting the Nasdaq as its itemizing alternate.
The Chinese language mining participant goals to boost $106 million by placing 19.three million shares on sale at a worth vary of $4.50 to $6.50, which means that it now intends to boost as much as $125 million, whereas the preliminary proposal was onerous capped at $100 million. If the IPO is profitable, Ebang’s market worth may come near $800 million.
Notably, Ebang’s gross sales have been lowering since 2018. In 2019, Ebang’s annual income was $109 million, which constituted a 66% drop in progress from $319 million in 2018.
As per the newest filings, 2020 may not essentially be the comeback yr for Ebang regardless of the general higher market circumstances. The corporate reported a web lack of $2.5 million for the primary quarter of the yr, blaming the “important lower in sure non-recurring native authorities’s tax rebates,” though it famous that its gross sales quantity has elevated since 2019.
“That is nice for the Bitcoin mining business as a result of as extra ASIC producers go public we have now extra transparency and accountability,” Mow informed Cointelegraph, stressing that Ebang is “one of many extra dependable producers on this area” in his expertise.
Different Bitcoin mining corporations’ IPOs
In November 2019, Canaan turned the primary Bitcoin mining juggernaut to be listed on a U.S. inventory alternate, elevating $90 million by promoting 10,000,000 shares for $9 every in its IPO, over 75% lower than the determine anticipated initially. Furthermore, its inventory has plunged since, because it presently trades under $2.
One other Chinese language mining large, Bitmain, quietly filed a Deutsche Bank-backed application for an IPO with the SEC towards the tip of 2019, though no particulars have surfaced since.
Cointelegraph reached out to Ebang for added particulars, however acquired no reply as of press time.
— to cointelegraph.com