New York, Feb. 17, 2021 (GLOBE NEWSWIRE) — Univest Securities, LLC, a member of FINRA and SIPC, and a full-service investment bank and securities broker-dealer firm based in New York, today announced the closing of a previously announced best-effort follow-on public offering for the sale of 14 million units (the “Offering”) by its client Ebang International Holdings Inc. (Nasdaq: EBON) (the “Company”), a blockchain technology company in the global market, for which Univest Securities, LLC. acted as the exclusive agent. Univest Securities, LLC was able to raise aggregate proceeds of approximately US $70 million for the Company, with the placement of 14 million units at a purchase price of $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 have an exercise price per Class A ordinary share of US$5.25.
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 and a registration statement pursuant to Rule 462(b) of the Securities Act of 1933, as amended, which became effective upon filing on February 11, 2021. The Company may hold one or more additional closings until the maximum number of units, up to 19,200,000 units, are sold or the Offering is terminated. The Company’s Class A ordinary shares are listed on the Nasdaq Global Select Market under the symbol “EBON.” On February 11, 2021, the Company 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 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.
The units are offered pursuant to the Company’s registration statement on Form F-1, as amended, which was originally filed with the SEC on February 5, 2021 and became effective on February 10, 2021, and pursuant to a registration statement on Form F-1MEF filed on February 11, 2021 which became effective upon filing. The units may be offered only by means of a prospectus forming a part of the effective registration statement. Copies of the final prospectus may be obtained at the SEC’s website at http://www.sec.gov. Electronic copies of the prospectus may also be obtained by contacting Univest Securities, LLC at 375 Park Ave #1502, New York, NY 10152, by phone (212) 343-8888 or e-mail [email protected].
This press release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction. This press release contains information about the Offering, and there can be no assurance that the additional closings will be completed.
About Univest Securities, LLC
Registered with FINRA since 1994, Univest Securities, LLC provides a wide variety of financial services to its institutional and retail clients globally including brokerage and execution services, sales and trading, market making, investment banking and advisory, wealth management. It strives to provide clients with value-add service and focuses on building long-term relationship with its clients. For more information, please visit: www.univest.us.
About Ebang International Holdings Inc.
Ebang International Holdings Inc. is a blockchain technology company with strong application-specific integrated circuit (ASIC) chip design capability. With years of industry experience and expertise in ASIC chip design, it has become a leading bitcoin mining machine producer in the global market with steady access to wafer foundry capacity. With its licensed or registered entities in various jurisdictions, the Company seeks to launch a professional, convenient and innovative digital asset financial service platform to expand into the upstream and the downstream of blockchain and cryptocurrency industry value chain. For more information, please visit https://ir.ebang.com.cn/.
This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, statements regarding the sale of the maximum number of units registered in the Offering. Further information regarding the Offering is included in the Company’s filings with the U.S. Securities and Exchange Commission.
For more information, please contact:
Univest Securities, LLC.
Executive Director of Investment Banking
375 Park Avenue #1502
New York, NY 10152
Phone: (212) 343-8888
Email: [email protected]
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