Ebang International Holdings Inc. (EBON) shares have lost 4.77% in the premarket on Monday, April 19, 2021. EBON’s stock gained 14.22% to close Friday’s session at $4.82. EBON shares have moved down 5.02% in the past week. Over the past three months, the stock has lost 18.79%, while over the past six months, it has shed 51.07%.
Let’s see what’s happening with EBON
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EBON facing legal battles
EBON is facing several class actions las suits from several legal firms on
Some of them are mentioned below
- On April 19, 2021, The Schall Law Firm, reminds investors of a class-action lawsuit against Ebang International Holdings Inc for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission.
- On April 18, 2021, The law firm of Kessler Topaz Meltzer & Check, LLP reminds investors that a securities fraud class action lawsuit has been filed against Ebang International Holdings Incon behalf of those who purchased or acquired Ebang securities between June 26, 2020, and April 5, 2021.
There are many others which we are not mentioning here.
Open letter to EBON shareholders
On April 13, 2021, EBONissued an open letter from the Company’s chairman to shareholders.
The letter was issued in response to a report issued by Hindenburg Research which took the EBON stock to rock bottom and EBON was facing pressure from all sides. The letter discussed the EBON recent business updates and reject the Hindenburg report claims.
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Response to Short Seller Report
On April 06, 2021, Ebang International Holdings Inc issued the statement about the short-seller report issued by Hindenburg Research on April 6, 2021.
The EBON said that the Hindenburg Report contains many error unsupported speculations and inaccurate interpretations of events.
Short-seller Hindenburg Research report crashed the Chinese bitcoin mining machine producer’s shares by more than 12% in one day.
Closing public offer
On April 06, 2021, Ebang International Holdings announced the closing of its public offering for the sale of 14 million units offered for sale by the company at a purchase price of US$6.10 per unit.
Ebang will get gross proceeds of approximately US$85.4 million and will use it for its cryptocurrency mining business expansion as well as to establish and operate cryptocurrency mining farms,
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 the company in terms of performance.
The Chairman and CEO of the Company, 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.
Conclusion
There is no doubt the EBON stock is struggling after the Hindenburg Research report and it has lost significant value after the report. Also, it is facing legal actions after the report so it is a tough time for EBON and the company needs to address the issues as soon as possible which were highlighted in the report to stop the stock from more dipping.
