Shares of bitcoin mining hardware maker Ebang began trading today on Nasdaq with an underwhelming initial performance.
As part of the initial public offering (IPO), the China-based company is offering 19.3 million shares priced at $5.23.
During the initial 15 minutes of trading, the stock's price continued to trend downwards and currently sit at around $4.12.
Ebang filed its IPO prospectus in April, in which it stated that it had suffered losses and negative cash flows from operating activities in the past. In 2018 and 2019, respectively, the company had net losses of $11.8 million and $41.1 million.
The company's debut on the U.S. stock market followed Canaan, another Chinese bitcoin miner maker. The latter raised $90 million via its IPO, but the price performance of its shares has remained tepid. The company itself is also entangled in legal controversies after an alleged investor sued the company of securities fraud.