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Here’s Why Ebang International Holdings, Inc. (EBON) Dropped

Monday, March 29, 2021 03:06 PM | Thomas Handy
Here’s Why Ebang International Holdings, Inc. (EBON) Dropped

Ebang International Holdings, Inc. (EBON) stock is lower filing to sell more than 16.1 million units. Shares of the stock are trading lower by 3.72% to $7.51 Monday at 1:50 pm.

What Caused EBON to Fall?

Ebang stock fell after the company filed an F1 registration statement for an offering of up to 16.1 million units. Each unit will consist of one share of stock and on warrant to purchase one half of one share at the assumed offering price. The units will be offered on a best-efforts basis.

The company expects to receive about $117.1 million for the offering before the exercise of the warrants, although actual proceeds may vary due to it being a best-efforts offering with no closing conditions. The company expects to use about 55% of the proceeds to expand it's cryptocurrency mining business. Roughly 25% will go toward establishing and operating a cryptocurrency exchange platform, and the remainder will be used for general corporate purposes.

Short-Term Technical Rank - 21

EBON has a Short-Term Technical Rank of 21. Find out what this means to you and get the rest of the rankings on EBON!

Ebang International Holdings Inc is an application-specific integrated circuit, or ASIC, chip design company and a manufacturer of high performance Bitcoin mining machines. The company's Ebit E10 model, is a commercial mining machine that uses 10 nm ASIC chips among other mining machine producers. It operates in single segment selling of Bitcoin mining machines and related accessories, telecommunications products and provision of management and maintenance services.