Ebang International Holdings Inc.(EBON) stock lost 11.57% on Thursday, April 1, 2021, but it has started positively today April 5th, 2021, and has gained 2.28%, as of this writing.
Let’s have a look at the recent developments of the Ebang International
Pricing on public offering
On April 1, 2021, Ebang International announced its pricing of a best-effort follow-on public offering of 14 million units at a purchase price of US$6.10 per unit. Now it’s one unit, not a share and one unit each EBON stock sells will include one Class A share and one half-warrant. A full warrant entitles the holder to a common Class A share. The units will be sold for $6.10 each and the warrants have an exercise price of $6.59. EBON stock expects to close the offering on or around April 6, 2021, subject to customary closing conditions.
The gross net proceedings of US$85.4 million from the offering will be used primarily for the expansion of its cryptocurrency mining business and related operations.
New 6 nm ASIC chip for mining machines
On March 17, 2021, EBON said that it has completed a 6 nm ASIC chip designed for Bitcoin mining machines which will give a competitive edge to EBON stock in terms of performance.
The Chairman and CEO of EBON stock, Mr. Dong Hu said that the completion of our 6 nm ASIC chip is a significant milestone of our constant R&D efforts in recent years.
Commencing beta testing of crypto exchange
On March 15, 2021, Ebang announced it plans to commence beta testing of its crypto exchange by invite only on Mar 15, with plans to expand to a wider audience next month. EBON jumped 35.2% on March 15 after the announcement.
Ebang International Holdings Inc. was founded in 2010 in china. EBON is a blockchain technology company with strong application-specific integrated circuit (ASIC) chip design capability. it has become a leading bitcoin mining machine producer in the global market with steady access to wafer foundry capacity, backed by years of industry experience and expertise in ASIC chip design.
Conclusion: the stock plunged on Thursday, April 1 because of low public offering pricing. But as we know that cryptocurrency business is booming and Over the past three months, the stock has gained 42.89%. we can expect a recovery on Monday as the market opens after Easter’s holidays.