Short-seller Hindenburg Research said on Tuesday it was going short on Ebang International Holdings Inc, sending the Chinese bitcoin mining machine producer's shares down nearly 17% in Tuesday morning trading.
"Ebang claims to be a "leading bitcoin mining machine producer", yet our research indicates this extraordinary claim is backed by no evidence. Ebang released its final miner in May 2019 and has since seen its sales dwindle to near-zero, delivering only 6,000 total miners in 1H20," the short seller said.
Chinese bitcoin mining machine manufacturer, Ebang debuted on Nasdaq in June last year and had conducted two fundraising rounds in February alone, raking in $170 million, even after a previous offering in November.
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