Chinese bitcoin miner manufacturer Ebang has raised $70 million in a follow-on public offering (FPO) that closed on Wednesday.

As part of the offering, the Nasdaq-listed company sold 14 million units at $5 per unit. Each unit consists of one class A ordinary share of Ebang and one warrant to purchase one-half of its one class A ordinary share. Each two warrants have an exercise price per class A ordinary share of $5.25.

With fresh capital at hand, Ebang looks to expand its bitcoin miner manufacturing business, launch a bitcoin mining business, and use the funds for general corporate purposes, including working capital needs.

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The launch of the bitcoin mining business will help increase Ebang’s revenue, said chairman and CEO Dong Hu. “We believe it will help the company’s transformation from a hardware manufacturer to a blockchain company with comprehensive involvements in its industry chain,” said Hu.

Ebang went public in June 2020 and raised more than $100 million in an initial public offering (IPO) at the time. The company also plans to launch a cryptocurrency exchange later this year, as The Block has reported previously.

Ebang’s share price has risen more than 30% in the last 24 hours and is currently trading at around $11, according to tracker TradingView.

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Bitcoin miner manufacturer Ebang raises $70 million in FPO

by Evan A. Warren
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