Ebang Firm Reportedly Entered the NASDAQ ListColin Baseman
Register Ebang, a Chinese company, as reported on NASDAQ, is planning to raise $ 125 million in an IPO.
Chinese BTC mining producer Ebang will be listed on the Market of Nasdaq's current week, turning into the second cryptocurrency hashing firm to be introduced in the US.
In line with Agency Blockbeats by the Chinese cryptocurrency newscast statement, the official event will take place on 26 June. Besides, Blockstream's senior strategist, Samson Mow, shared the screenshot of an event invitation that will be conducted in Hangzhou, where the firm headquarters is located.
Source of image: twitter.com
Blockstream’s Director of strategic development, Samson MoE, has already congratulated the company. He attached an invitation to the Ebang listing event to his tweet. It will take place at the company's Hangzhou headquarters this Friday.
Ebang plans to collect a sum of $ 125 million, expanding the initial objective
In April, Ebang requested a $ 100 million IPO via the U.S. Commission of Securities & Exchange. The company chose to apply in the American marketplace following a failed $ 1 billion IPO attempt two years ago.
On 17 June, the establishment filed its new application to the SEC, selecting NASDAQ as the listing stock.
This hashing player from China is fixed to grow $ 106 million by offering stakes of 19.3 million for auction at a cost between $ 4.50 and $ 6.50, which means it currently, sets the level around $ 125 million, whereas the preliminary offer was tightly topped at $ 100 million. In case the upcoming event is effective, Ebang's marketplace value possibly will approach $ 800 million.
Recall that Ebang's intention to enter the IPO and raise $100 million was announced in April. The company later increased its fee target to $125 million by issuing 19,323,600 shares with an initial price of $4.5 to $6.5.
Remarkably, Ebang auctions have been declining. Last year, Ebang's yearly income was $ 109 million, representing a 66 percent fall in upsurge from the US $ 319 million back in 2018. The company’s trades are also falling steadily. Last year, the company's revenue decreased by 66% compared to 2018.
As said by the underwriter, Prime Number Capital, the market value of Ebang after the IPO could be about $800 million.
In line with recent filings, 2020 will not inevitably be the period of Ebang's return, despite more favorable market circumstances. In line with a filing with SEC, Ebang's net loss at the beginning of the current year was $2.5 million. Ebang announced the loss, attributing "a significant reduction in some one-time local administration tax refunds," though it highlighted that the sales volume has grown from last year’s.
"That is very useful for the BTC hashing industry since more ASIC producers go open, the more liability transparency appears, " CoE stated, emphasizing Ebang is" now among the most dependable producers in this area " in its experience.
IPO’s of other BTC hashing firms
In 2019, Canaan was the first BTC mining giant listed on the US stock exchange, earning $ 90 million by marketing 10,000,000 shares at $ 9 per share in an IPO; 75% a reduced amount than initially estimated. Since then, the company's stock price has fallen steadily and is presently trading under $ 2.
Thus, Ebang should be the second unrestricted hashing firm after Canaan Creative.
A distinguished critic of the establishment with the fictitious name BTCKING555 be certain of that after halving bitcoin, Canaan miners have finally lost their competitiveness and are no longer needed by anyone.
Bitmain, One more Chinese big player, discreetly submitted a request for an IPO financed by Deutsche Bank together with the SEC in 2019, while no specifics have emerged since.
The NASDAQ-100 index grew to a best-ever and recouped losses from the crisis
The US NASDAQ-100 stock index that includes the country's 100 biggest firms by capitalization, reached its top indicators and is now the first large US stock index to recover its losses due to the epidemic, CNBC7 reported.
As reported by the channel, the index grew by an average of 0.3%. Shares of United Airlines and eBay added 4.1%, and 6.2% while shares of Tesla, Amazon, Costco with Netflix "caused the index to reach top levels."
In the period from February to March, the index fell over 30%. After that, it soared by over 43%.
Indicators of other major indexes, including the Industrial Average of Dow Jones, Nasdaq Composite as well as S & P 500, were almost unchanged on June 4.
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