Business
Ebang International Announces Pricing of Follow-on Public Offering
HANGZHOU, China, April 01, 2021 (GLOBE NEWSWIRE) -- Ebang International Holdings Inc. (Nasdaq: EBON, the “Company,” “we” or “our”), a blockchain technology
About this update from Ebang International Holdings Inc.
[{"type":"text","content":"HANGZHOU, China, April 01, 2021 (GLOBE NEWSWIRE) -- Ebang International Holdings Inc. (Nasdaq: EBON, the “Company,” “we” or “our”), a blockchain technology company in the global market, today 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. 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 will have an exercise price of US$6.59 per Class A ordinary share and will expire 5 years from issuance. On March 31, 2021, the Company entered into Securities Purchase Agreements with institutional investors that have agreed to purchase an aggregate of 14 million units at the closing. The units, the warrants, and the ordinary shares underlying the units and the warrants have been registered pursuant to a registration statement declared effective by the U.S. Securities and Exchange Commission (the “SEC”) on March 31, 2021. The Company expects to close the offering on or around April 6, 2021, subject to customary closing conditions. On March 31, 2021, we also entered into a Placement Agent Agreement with Univest Securities, LLC, as representative of the several placement agents identified therein, including Lake Street Capital Markets, LLC. The Company expects to receive gross proceeds at the closing of US$85.4 million, which does not include expenses associated with the offering. The Company intends to use the net proceeds from the offering primarily for expansion of its cryptocurrency mining business as well as establishment and operation of cryptocurrency mining farms, establishment and operation of cryptocurrency exchange platforms 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, as amended, which was originally filed with the SEC on March 26, 2021 and became effective on March 31, 2021. The units may be offered only by means of a prospectus forming a part of the effective registration statement. When filed with the SEC, 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, when available, by contacting Univest Securities, LLC at 375 Park Ave ...