Ebang International (EBON) Announces Pricing of Follow-on Public Offering

February 11, 2021 8:33 AM EST

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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 up to a maximum of 16 million units (which we intend to increase to a maximum of 19.2 million units) at a purchase price of US$5.00 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$5.25 per Class A ordinary share. On February 11, 2021, the Company entered into Securities Purchase Agreements with institutional investors that have agreed to purchase an aggregate of 14 million units at the initial closing. 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 February 10, 2021. The Company expects to close this initial closing of the offering on or around February 16, 2021. The Company may hold one or more additional closings until the maximum number of units are sold or the offering is terminated. Our Class A ordinary shares are listed on the Nasdaq Global Select Market under the symbol “EBON.”

On February 11, 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 initial closing of US$70 million, which does not include expenses associated with the offering. The Company intends to use the net proceeds from the offering primarily for research, development, production and sales of ASICs and equipment related to cryptocurrencies, expansion of its cryptocurrency mining business as well as establishment and operation of cryptocurrency mining farms, and general corporate purposes, which may include working capital needs and other corporate uses.

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