Ebang International Holdings Inc. Announces Closing of Follow-on Offering
November 24 2020 - 4:30PM
Ebang International Holdings Inc. (Nasdaq: EBON, the “Company,”
“we” or “our”), a leading Bitcoin mining machine producer in the
global market in terms of computing power sold in 2019*, announced
the initial closing of its previously announced best-efforts
follow-on offering for the sale of 4 million units of the 8 million
units offered for sale by the Company, at a purchase price of $5.25
per unit, for aggregate gross proceeds of approximately $21.0
million. Each unit consists of one Class A ordinary share and one
warrant to purchase one-half of one Class A ordinary share of the
Company. Each two warrants have an exercise price per share of
$5.50. The units were sold pursuant to our registration statement
which was declared effective by the U.S. Securities and Exchange
Commission (the “SEC”) on November 17, 2020. The Company may hold
one or more additional closings for a period of 45 days after the
initial closing, in which the investors purchasing units at the
initial closing may each purchase additional units in an amount up
to the number of units purchased by each of them at the initial
closing. Our Class A ordinary shares are listed on the Nasdaq
Global Select Market under the symbol “EBON.”
Univest Securities, LLC is acting as the
exclusive placement agent for this offering.
The Company intends to use the net proceeds from
the offering primarily for development and application of
blockchain technology into financial services, sourcing core
intellectual properties relating to its businesses, corporate
branding and marketing activities, and general corporate purposes,
which may include working capital needs and other corporate
uses.
The units are offered pursuant to the Company’s
registration statement on Form F-1 (the “Form F-1”), as amended,
which was originally filed with the SEC on October 23,
2020 and became effective on November 17, 2020. The units
may be offered only by means of a prospectus forming a part of the
effective registration statement. Copies of the final prospectus
may be obtained at the SEC’s website at http://www.sec.gov.
Electronic copies of the prospectus may also be obtained by
contacting Univest Securities, LLC at 375 Park Ave #1502, New York,
NY 10152, by phone at (212) 343-8888 or by e-mail at
info@univest.us.
This press release shall not constitute an offer
to sell or a solicitation of an offer to buy nor shall there be any
sale of these securities in any state or jurisdiction in which such
offer, solicitation or sale would be unlawful prior to the
registration or qualification under the securities laws of any such
state or jurisdiction.
About Ebang
International Holdings Inc.
Ebang International Holdings Inc. is a leading
Bitcoin mining machine producer in the global market in terms of
computing power sold in 2019*, with strong application-specific
integrated circuit (ASIC) chip design capability underpinned by
nearly a decade of industry experience and expertise in the
telecommunications business. With its licensed or registered
entities in various jurisdictions, the Company seeks to launch a
fully-licensed digital asset financial service platform to provide
professional, convenient and innovative trading services. For more
information, please visit https://ir.ebang.com.cn/.
*According to an industry report prepared by Frost &
Sullivan in 2019
Safe Harbor Statement
This press release contains forward-looking
statements within the meaning of Section 21E of the Securities
Exchange Act of 1934, as amended, and as defined in the U.S.
Private Securities Litigation Reform Act of 1995. These
forward-looking statements include, without limitation, the
Company’s development plans and business outlook, which can be
identified by terminology such as “may,” “will,” “expects,”
“anticipates,” “aims,” “potential,” “future,” “intends,” “plans,”
“believes,” “estimates,” “continue,” “likely to” and other similar
expressions. Such statements are not historical facts, and are
based upon the Company’s current beliefs, plans and expectations,
and the current market and operating conditions. Forward-looking
statements involve inherent known or unknown risks, uncertainties
and other factors, all of which are difficult to predict and many
of which are beyond the Company’s control, which may cause the
Company’s actual results, performance and achievements to differ
materially from those contained in any forward-looking statement.
Further information regarding these and other risks, uncertainties
or factors is included in the Company's filings with the U.S.
Securities and Exchange Commission. These forward-looking
statements are made only as of the date indicated, and the Company
undertakes no obligation to update or revise the information
contained in any forward-looking statements as a result of new
information, future events or otherwise, except as required under
applicable law.
Investor Relations Contact
For investor and media inquiries, please
contact:
Ebang International Holdings Inc. Email:
ir@ebang.com.cn
Ascent Investor Relations LLCMs. Tina XiaoTel:
(917) 609-0333Email: tina.xiao@ascent-ir.com
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