Ebang International Holdings Inc. shares dropped 13% in intraday trading on April 6, 2021 after a report by Hindenburg Research alleged the Chinese cryptocurrency company has funneled hundreds of millions of dollars from investors towards "questionable counterparties" and "insiders."
Full Answer
Why is Ebang stock going down?
Shares of Ebang International Holdings (EBON -4.60%) fell sharply on Tuesday morning after Hindenburg Research published a short report on the company, alleging it's secretly making off with investors' cash. As of this writing, the company hasn't publicly responded to Hindenburg.
Will ebang stock go back up?
The price has risen in 6 of the last 10 days and is up by 3.83% over the past 2 weeks....Predicted Opening Price for Ebang International Holdings Inc. of Tuesday, May 31, 2022.Fair opening price May 31, 2022Current price$0.75$0.76 (Overvalued)
Is ebang a good investment?
Ebang International Holdings is a potential penny stock. Although Ebang International may be in fact a good instrument to invest, many penny stocks are speculative in nature and are subject to artificial price hype.
What sector is Ebon in?
TechnologyKey DataLabelValueExchangeNASDAQ-GSSectorTechnologyIndustrySemiconductors1 Year TargetN/A14 more rows
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If you are looking for stocks with good return, Castor Maritime Inc can be a profitable investment option. Castor Maritime Inc quote is equal to 1.580 USD at 2022-06-14. Based on our forecasts, a long-term increase is expected, the "CTRM" stock price prognosis for 2027-06-04 is 3.092 USD.
Is ebang a real company?
Ebang is a China-based crypto company that has raised ~$374 million from U.S. investors in 4 offerings since going public in June 2020.
Why do I own 40% less of Ebang?
In other words, if you bought shares of Ebang at IPO, you now own 40% less of the company because there are more pieces of the pie than before. There are several companies like Ebang right now, developing cryptocurrency and blockchain solutions and services from scratch.
How many units does Ebang sell?
Now that we've explored the structure of Ebang stock, I believe today's news will be easier to digest. According to today's press release, Ebang is selling 14 million units -- not shares. Each unit the company sells will include one Class A share and one half-warrant. A full warrant entitles the holder to a common Class A share.
How many votes does a class B share get?
However, it has a dual-class structure of Class A shares and Class B shares. Class B shares get 20 votes each, whereas Class A shares only get one vote. But as far as determining the total share count, they count equally. Image source: Getty Images.
Why did Ebang publish a press release on May 28?
Ebang published a press release on May 28 in response to concerns about how the crackdown on mining operations in China might affect its business. The company stated that China's new mining policy would have no immediate impact because its mining farm operations were already concentrated overseas.
Why are crypto stocks rebounding?
Cryptocurrency stocks have rebounded after big losses thanks to signs that Bitcoin's price may be stabilizing and issues related to the environmental impact of cryptocurrency mining may be ameliorated by alternative energy solutions.
Is Ebang mining in Europe?
Ebang is now accelerating the construction of mining operations in North America, Europe, and other territories. The company has also banned Chinese citizens and people within the country from accessing its crypto trading platform, bringing it into compliance with regulations.
Why do I own 40% less of Ebang?
In other words, if you bought shares of Ebang at IPO, you now own 40% less of the company because there are more pieces of the pie than before. There are several companies like Ebang right now, developing cryptocurrency and blockchain solutions and services from scratch.
Is Ebang stock listed in the US?
For clarity, let's first explore Ebang's stock structure. The common shares of the China-based company are listed in the U.S. unlike many other international stocks. However, it has a dual-class structure of Class A shares and Class B shares. Class B shares get 20 votes each, whereas Class A shares only get one vote. But as far as determining the total share count, they count equally.
Is this company simply making off with America's money?
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What happened
Shares of Ebang International Holdings ( NASDAQ:EBON) fell sharply on Tuesday morning after Hindenburg Research published a short report on the company, alleging it's secretly making off with investors' cash. As of this writing, the company hasn't publicly responded to Hindenburg. As of 10 a.m. EDT, Ebang stock was down 20%.
So what
At the risk of oversimplifying the lengthy report by summarizing, Hindenburg questions Ebang's business. It notes the company's history of new product and service announcements, frequently followed by stock offerings.
Now what
Short sellers aren't viewed kindly these days by a large number of retail investors. Many investors, especially younger investors, believe it's unethical to short a stock. Furthermore, they rightly point out a potential conflict of interest.
What happened
Today, China-based cryptocurrency miners saw a lot of attention. Unfortunately for investors in Ebang International Holdings (NASDAQ: EBON), the momentum has been to the downside. Shares of Ebang were down 11.2% today, on some sector-specific news.
So what
The private placement of SOS shares was carried out at a discount of 17% to the company's closing price yesterday. Accordingly, investors appear to be factoring in significantly reduced demand for Chinese cryptocurrency miners among serious investors in this space.
Now what
Investors in the cryptocurrency mining space appear to be targeting U.S. or Europe-based miners right now. Geopolitical risks are being reflected in the stock prices of any miner calling China a home base.
Ebang International Holdings Inc. to Launch its Australian Cryptocurrency Exchange – Ebonex Exchange on February 15, 2022
HANGZHOU, China, Feb. 15, 2022 (GLOBE NEWSWIRE) -- Ebang International Holdings Inc. (Nasdaq: EBON, the “Company,” “we” or “our”), a global blockchain technology company, today announced the official launch of Ebonex Exchange, the Company’s cryptocurrency exchange in Australia, on February 15, 2022.
Ebang International Holdings Inc. Receives Registration Approval of Digital Currency Exchange in Australia
HANGZHOU, China, Feb. 10, 2022 (GLOBE NEWSWIRE) -- Ebang International Holdings Inc.
Why Did Ebang Stock Shoot Higher Today?
Since going public in June 2020 at $5.23 per share, Ebang International Holdings (NASDAQ: EBON) stock has been a dud, down over 90% from its all-time high. This caused Ebang stock to be up a whopping 24%, as of 3:15 p.m. ET.
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Crypto stocks are taking a beating on Monday and we’re diving into the latest news behind the drop. Source: Yevhen Vitte/Shutterstock.com The big news sending crypto stocks lower today is the price of Bitcoin (CCC:BTC-USD) crashing over the weekend. BTC saw a sharp drop in value late Friday that spooked investors in various crypto shares.
Ebang International to Hold Annual General Meeting of Shareholders on December 15, 2021
HANGZHOU, China, Nov. 15, 2021 (GLOBE NEWSWIRE) -- Ebang International Holdings Inc. (Nasdaq: EBON, the “Company” ), a blockchain technology company operating in the global market, today announced that it will hold its 2021 Annual General Meeting of Shareholders (the “2021 Annual Meeting”) on December 15, 2021 at 9:00 a.m.
Why Ebang Stock Is Plunging Today
Today, Chinese cryptocurrency miners are in focus, with this sector declining and Ebang seeing selling pressure consistent with that.
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What happened
Since going public in June 2020 at $5.23 per share, Ebang International Holdings (NASDAQ: EBON) stock has been a dud, down over 90% from its all-time high. However, the stock surprisingly caught a bid today with extreme trading volume. This caused Ebang stock to be up a whopping 24%, as of 3:15 p.m. ET.
So what
Ebang International manufactures machines for mining cryptocurrencies and came public with big aspirations to expand into ancillary cryptocurrency businesses. The company rarely issues press releases, and there weren't any today.
Now what
Long-term shareholders can safely disregard today's outsize move, considering it wasn't predicated on something fundamental to the business. A stock that spikes like this on no news can just as easily plummet later. Therefore, it's important to not let short-term movements distract from the underlying fundamentals.
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