Bitcoin Miner Ebang Closes $70M Follow-Up Public Offering

The proceeds will be used primarily for research, development, production and sale of equipment and expanding its mining business through the establishment and operation of crypto mining farms.

AccessTimeIconFeb 18, 2021 at 9:41 p.m. UTC
Updated Sep 14, 2021 at 12:13 p.m. UTC

Bitcoin mining equipment maker Ebang (EBON) announced Thursday the closing of its follow-up public offering.

  • Institutional investors have agreed to purchase 14 million units at $5 per share, according to Ebang's announcement. Each unit consists of one Class A ordinary share and one warrant to purchase one-half of one Class A ordinary share.
  • The proceeds will be used primarily for research, development, production and sale of equipment and expanding its mining business through the establishment and operation of crypto mining farms.
  • Hangzhou, China-based Ebang has also previously announced its intentions to launch a cryptocurrency exchange in the first quarter of this year.
  • Ebang's shares closed up 7.73% at $11.29 on the Nasdaq Thursday.

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