Ebang International to Address the Shareholders in an Open Letter

Rhea-AI Summary

Ebang International Holdings Inc. (Nasdaq: EBON) announced plans for an open letter to shareholders in response to allegations by Hindenburg Research. The letter, expected next week, will outline the management's vision for the company's future and updates on expansion plans. It will reiterate Ebang's commitment to create shareholder value and take necessary actions to protect their interests.

Positive

• Management plans to issue an open letter addressing shareholder concerns.
• The letter will reaffirm the company's vision and ongoing expansion efforts.
• Ebang emphasizes commitment to shareholder value.

Negative

• Allegations from Hindenburg Research could undermine investor confidence.
• The need to respond to a short seller report may indicate ongoing scrutiny.

HANGZHOU, China, April 09, 2021 (GLOBE NEWSWIRE) -- Ebang International Holdings Inc. (Nasdaq: EBON, the “Company,” “we” or “our”), a blockchain technology company in the global market, today announced that it plans to address the shareholders in an open letter at the beginning of next week to respond to allegations in the short seller report issued by Hindenburg Research on April 6, 2021. In the open letter, the management will reaffirm its vision for the Company’s future and provide updates to its ongoing expansion plans. Such letter is further expected to reaffirm the Company’s commitment to create value for all shareholders and take whatever necessary and appropriate actions that may be required to protect the interest of its shareholders.

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/.

Safe Harbor Statement

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, the Company’s development plans and business outlook, which can be identified by terminology such as “may,” “will,” “expects,” “anticipates,” “aims,” “potential,” “future,” “intends,” “plans,” “believes,” “estimates,” “continue,” “likely to” and other similar expressions. Such statements are not historical facts, and are based upon the Company’s current beliefs, plans and expectations, and the current market and operating conditions. Forward-looking statements involve inherent known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company’s control, which may cause the Company’s actual results, performance and achievements to differ materially from those contained in any forward-looking statement. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the U.S. Securities and Exchange Commission. These forward-looking statements are made only as of the date indicated, and the Company undertakes no obligation to update or revise the information contained in any forward-looking statements as a result of new information, future events or otherwise, except as required under applicable law.

Investor Relations Contact

For investor and media inquiries, please contact:

Ebang International Holdings Inc.
Email: ir@ebang.com.cn

Ascent Investor Relations LLC
Ms. Tina Xiao
Tel: (917) 609-0333
Email: tina.xiao@ascent-ir.com

FAQ

What is the purpose of Ebang's open letter to shareholders?

Ebang's open letter aims to address allegations from Hindenburg Research and reassure shareholders of its commitment to their value.

When will Ebang release its open letter?

Ebang plans to release the open letter to shareholders at the beginning of next week.

What allegations is Ebang responding to in the open letter?

Ebang is responding to a short seller report issued by Hindenburg Research on April 6, 2021.

What is Ebang's stock symbol?

Ebang's stock symbol is EBON.