RATE Group | Bitcoin Mining Chip Producer Ebang Files for $100 Million IPO in US
86669
post-template-default,single,single-post,postid-86669,single-format-standard,ajax_fade,page_not_loaded,,qode_grid_1300,side_area_uncovered_from_content,footer_responsive_adv,qode-content-sidebar-responsive,qode-child-theme-ver-1.0.0,qode-theme-ver-13.3,qode-theme-bridge,wpb-js-composer js-comp-ver-7.9,vc_responsive
 

Bitcoin Mining Chip Producer Ebang Files for $100 Million IPO in US

25 Apr Bitcoin Mining Chip Producer Ebang Files for $100 Million IPO in US

Posted at 13:20h in Bitcoin News by

Major Bitcoin (BTC) miner manufacturer Ebang has filed for a $100 million initial public offering (IPO) with the United States Securities and Exchange Commission (SEC).

Ebang is seeking to distribute Class A ordinary shares at a face value $of 0.00013 per share. The firm plans to list on either Nasdaq Global Market or the New York Stock Exchange under the ticker EBON. 

The move comes nearly two years after the company sought to conduct a $1 billion IPO in Hong Kong. After submitting its filing in June 2018, the offering had been halted by the end of the year.

Ebang faces a downturn in 2019

In 2019, 82% of Ebang’s revenues came from its application-specific integrated circuit (ASIC) chips and fabless integrated circuits for miners. 

Ebang’s annual revenue was $109 million last year. Declining demand for mining hardware amid falling crypto prices resulted in a 66% drop in growth from $319 million in 2018.

Gross profits swung from $24.4 million in 2018 to $30.6 million in gross losses…

Source link

Tags:
, , , , , , , ,