Mining company Bang will enter the NASDAQ listing on Friday

According to media reports, the Chinese mining company Ebang will appear in the Nasdaq listing under the Ticker EBON on Friday June 26. As part of the IPO, the company hopes to raise between $106 million and $125 million.

According to the publication of the Chinese cryptocurrency publication Blockbeats, Ebang will be added to the Nasdaq stock exchange listing this Friday. In addition, Blockstream strategy Director Samson Mow published
on Twitter, a screenshot of an invitation to the Ebang IPO celebration event.

One of the world’s largest manufacturers of bitcoin mining equipment Ebang International filed
an application for an initial public offering (IPO) in the United States in April of this year. At the time, it was reported that Ebang expects to raise up to $100 million during the IPO.

On June 17, the company presented
its latest filing with the U.S. securities and exchange Commission (SEC), selecting Nasdaq as the exchange to list. According to the latest data, Ebang wants to raise between $106 million and $125 million by offering 19.3 million shares for sale at a price of $4.5 to $6.5. If the IPO is successful, Ebang’s market value could approach $800 million.

It is worth noting that Ebang revenues have been declining since 2018. In 2019, Ebang’s annual revenue was $109 million, down 66% from a year earlier. According to the latest application, there is no reason to believe that the situation will change this year, despite more favorable market conditions. The company reported a net loss of $2.5 million for the first quarter of 2020, although sales volumes increased.

“This is very good for the Bitcoin mining industry, because the more ASIC manufacturers go out for IPOs, the more transparency and accountability we have,” said Samson MOU, emphasizing that Ebang is “one of the most reliable manufacturers in this area.”

In November 2019, Canaan mining company became
the first representative of the industry to enter the US stock market. Canaan conducted a successful IPO on Nasdaq and raised $90 million, selling 10 million shares at $9 apiece. In addition, last fall, Chinese media reported that the mining giant Bitmain filed an application with the SEC to conduct an IPO in the United States.