Ebang sinks nearly 15% after Hindenburg report
Shares of Ebang International Holdings Ltd. plunged nearly 15% on Tuesday shortly after Hindenburg Research published a short report on the company.
According to the Hindenburg report, Ebang directed its capital proceeds out of the company using a series of opaque deals with insiders and questionable counterparties. The report also noted that Ebang applied twice for a listing on the Hong Kong Stock Exchange but was suspended due to involvement in an alleged sales inflation scheme with Chinese company Yindou operating in the financial services sector.
Ebang stocks were down 14.80% to $5.38 per share on Nasdaq at 9:39 am ET. The trading was temporarily halted due to volatility.
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