Ebang International (EBON) Receives Nasdaq Non-Compliance Letter

Ebang International Holdings Inc. (Nasdaq: EBON) today announced that the Company had received a notification letter (the “Notice”), dated June 17, 2022, from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company that it is currently not in compliance with the minimum bid price requirement for continued listing on the Nasdaq Global Select Market, as set forth under Nasdaq Listing Rule 5550(a)(2) (the “Minimum Bid Price Requirement”), because the closing bid price of the Company’s Class A ordinary shares, par value HK$0.001 per share (“Class A ordinary shares”), has been below US$1.00 per share for a period of 30 consecutive business days.

The Company is issuing this press release pursuant to Nasdaq Listing Rule 5810(b), which requires prompt disclosure of receipt of the Notice. The Notice has no immediate effect on the listing of the Class A ordinary shares, which will continue to trade uninterrupted on the Nasdaq Global Select Market under the ticker “EBON.”

Pursuant to Nasdaq Listing Rule 5810(c)(3)(A), the Company has 180 calendar days from the date of the Notice, or December 14, 2022 (the “Compliance Period”), to regain compliance with the Minimum Bid Price Requirement. If at any time during the Compliance Period, the bid price of the Class A ordinary shares closes at or above US$1.00 per share for a minimum of 10 consecutive business days, Nasdaq will provide the Company with written confirmation of compliance and the matter will be closed.

In the event the Company does not regain compliance with the Minimum Bid Price Requirement by December 14, 2022, the Company may be eligible for an additional 180-calendar day grace period if the Company transfers its listing of Class A ordinary shares from the Nasdaq Global Select Market to the Nasdaq Capital Market. To qualify, the Company will be required to, among others, meet the continued listing requirement for market value of publicly held shares and all other initial listing standards for the Nasdaq Capital Market, with the exception of the Minimum Bid Price Requirement, and will need to provide written notice to Nasdaq of its intention to regain compliance with such requirement during the second compliance period.

The Company intends to continuously monitor the closing bid price of the Class A ordinary shares and is in the process of considering various measures, including improving its financial position and results of operations, to countervail the short-term adverse effects on the trading price of its shares and cure the deficiency in due time in order to regain compliance with the Minimum Bid Price Requirement.

You May Also Be Interested In

• CleanSpark closes $2.28B senior secured notes offering
• Monster Beverage CEO Americas to resign, interim successor named
• Heidi L. O'Neill resigns from Lithia Motors board