Technology

Chinese mining giant Ebang intends to raise $ 100 million through IPO in the USA

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Ebang Worldwide, a serious producer of mining gear, has submitted an utility for an preliminary public providing (IPO) to the US Securities and Trade Fee, throughout which the firm intends to raise up to $ 100 million, this was reported on the company’s web site.

The Chinese firm intends to place Class A atypical shares on the New York Inventory Trade or on the Nasdaq World Market beneath the ticker image EBON with a par worth of Hong Kong greenback 0.001 ($ 0.00013).

Right now, Ebang is certainly one of the world's largest producers of mining gear. Nonetheless, final 12 months the firm's revenues decreased nearly threefold in contrast to 2018, amounting to $ 109 million in opposition to $ 319 million, respectively.

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Furthermore, in 2019, the firm closed at a lack of $ 30.5 million. A 12 months earlier, gross revenue was $ 24.4 million.

In 2019, the lion's share of Ebang's income was generated by gross sales of the E12 and E10 sequence miners. Nonetheless, the variety of items bought and the common value of gadgets steadily declined. Specifically, in 2018 the firm bought 415,930 chips at a median value of $ 737, and in 2019 it managed to promote solely 289,953 chips for $ 304.

“The drop in the value of bitcoin in 2018 and in the first quarter of 2019 led to a big lower in gross sales and the common value of mining gear. Regardless of the indisputable fact that Bitcoin started to get better in the second quarter of 2019, our working actions are nonetheless behind the BTC value ”, - representatives of Ebang declared.

They added that the coronavirus pandemic negatively affected not solely the value of bitcoin, but in addition the firm's actions. The latter had to droop operations in reference to quarantine measures, having additionally encountered critical issues with the provide chains.

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Recall that final 12 months Ebang refused to conduct an IPO on the Hong Kong Inventory Trade.

ForkLog additionally beforehand reported a lawsuit in opposition to Ebang.

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Sam Conley

Sam Conley is new to online journalism but she is keen to learn. She is an MBA from a reputed university. She brings together relevant news pieces from various industries. She loves to share quick news updates. She is always in search of interesting news so that she can share them as well to Sunriseread's readers who could enjoy them with their morning coffee.

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