Shares of bitcoin miner maker Ebang slide after trading begins on Nasdaq
The shares of the Bitcoin mining hardware manufacturer Ebang were traded on the Nasdaq today with an unsettling initial performance.
As part of the IPO, the China-based company is offering 19.3 million shares at a price of $ 5.23.
During the first 15 minutes of trading, the stock price continued to trend lower and is currently around $ 4.12.
Ebang submitted its IPO prospectus in April, stating that it had suffered losses and negative cash flows from operating activities in the past. In 2018 and 2019, the company had net losses of $ 11.8 million and $ 41.1 million, respectively.
The company's debut on the U.S. stock exchange followed Canaan, another Chinese Bitcoin miner maker. The latter raised $ 90 million through its IPO, but the price of its shares remained lukewarm. The company itself is also involved in legal controversy after a suspected investor sued the company for security fraud.
© 2020 The Block Crypto, Inc. All rights reserved. This article is for informational purposes only. It is not offered or used as legal, tax, investment, financial or other advice.
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