Ebang International Holdings Inc. (NASDAQ: EBON) stock gained by 4.3% at last close while the EBON stock price rises by 2.62% in the pre-market trading session. Ebang International Holdings reported the outcome of a mediation involving a sales contract conflict with one of its clients. It has become a top bitcoin mining machine maker in the worldwide market, with consistent access to wafer foundry capacity, owing to years of expertise and competence in ASIC chip design.
EBON stock’ Recent Development
According to the Company’s most recent annual report submitted with the Securities and Exchange Commission, the Company submitted a lawsuit in the Hangzhou Intermediate People’s Court on November 22, 2019, against one of its clients and the ultimate beneficial owner of the mining machines in relation to the sale of 80,000 mining machines.
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Following a court mediation, a deal was concluded between the Company and the defendants Zhejiang Qirui Machinery Equipment, Zhejiang Huatie Emergency Equipment Science &Technology Ltd., and Mr. Danfeng Hu, the President and CEO of Huatie Emergency, on August 23, 2021.
The following is the outcome of mediation:
- The Company has supplied 80,000 mining machines in this matter, of which 24,000 have been paid for, according to all parties concerned. Niubo will pay a total of RMB272 million to the remaining 56,000 mining machines. Niubo paid RMB20 million on August 20, 2021.
- If Niubo fails to pay any installment in full and on time, the Company has the right to file a direct application with the People’s Court to enforce all overdue payments and liquidate Niubo’s losses. For all of Niubo’s aforementioned debts, Kabayi takes joint and several liability.
- There are no additional problems relating to this sales transaction, according to all parties. Qirui and Niubo agreed to release and dismiss the Company from any and all obligations and claims arising from the sale of mining machinery.