Chinese Bitcoin (BTC) miner manufacturer Ebang will reportedly be listed on Nasdaq Global Market under the ticker EBON later this week.
Ebang will become the second crypto mining company to go public in the United States.
Chinese crypto news outlet Blockbeats reported that Ebang will be officially listed on Friday, June 26.
Meanwhile, Blockstream chief strategy officer Samson Mow tweeted a screenshot of an invitation to a Ebang event held at a hotel in Hangzhou.
Congrats to the @ebang_co team on their upcoming IPO! I wish I could attend the event. $EBON #BitcoinMining pic.twitter.com/O8NXSmMwls — Samson Mow (@Excellion) June 22, 2020
In April 2020, Ebang filed for a $100 million initial public offering (IPO) with the United States Securities and Exchange Commission.
Ebang decided to enter the U.S. stock market after an unsuccessful attempt to conduct a $1 billion IPO in Hong Kong in 2018.
On June 17, the company submitted its latest filing to the SEC, choosing the Nasdaq as its listing exchange.
Ebang aims to raise $106 million by putting 19.3 million shares on sale at a price range of $4.50 to $6.50. It means that it now intends to raise up to $125 million, while the initial proposal was hard capped at $100 million.
If the IPO proves to be successful, Ebang’s market value could come close to $800 million.
Notably, Ebang’s sales have been decreasing since 2018. In 2019, Ebang’s annual revenue was $109 million, which constituted a 66% drop in growth from $319 million in 2018.
The company reported a net loss of $2.5 million for the first quarter of the year, blaming the “significant decrease in certain non-recurring local government’s tax rebates.”
Although it noted that its sales volume has increased since 2019.
Mow adds:
“This is great for the Bitcoin mining industry because as more ASIC manufacturers go public we have more transparency and accountability.”
Mow said in his experience that Ebang is “one of the more reliable manufacturers in this space.”
Source: Cointelegraph | Image: Unsplash