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.
>> 7 Top Picks for the Post-Pandemic Economy <<
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.
3 Tiny Stocks Primed to Explode
The world's greatest investor — Warren Buffett — has a simple formula for making big money in the markets. He buys up valuable assets when they are very cheap. For stock market investors that means buying up cheap small cap stocks like these with huge upside potential.
We've set up an alert service to help smart investors take full advantage of the small cap stocks primed for big returns.
Click here for full details and to join for free
Sponsored
Read More
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.
Furthermore,
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.