Benzinga | Oct 14, 2020 08:02AM EDT

Ebang International Holdings Inc. to Acquire a Licensed New Zealand-Based Financial Company for Digital Asset Financial Service Platform Establishment

Ebang International Holdings Inc. (NASDAQ:EBON, the &ldquo, Company, &rdquo, &ldquo, we&rdquo, or &ldquo, our&rdquo, ))), a leading Bitcoin mining machine producer in the global market in terms of computing power sold in 2019*, today announced that it has entered into an Expression of Interest Tender Letter (the "Tender Letter") to acquire the 100% shares a licensed New Zealand-based financial company that offers wholesale and generic financial broker, and wealth management services to establish a local digital asset financial service platform.

Mr. Dong Hu, Chairman and CEO of the Company, commented, "We remain steadfast in executing our strategies to launch comprehensive blockchain-enabled financial business to capture the growth opportunity along the value chain of the blockchain industry. Leveraging our longstanding expertise in the blockchain technology and our recent expansions to Singapore, Canada and New Zealand, we have taken a giant stride toward our goal to build a fully-licensed, Internet-based trading platform that provides professional, convenient and innovative trading services."

The consummation of the transaction contemplated under the Tender Letter is subject to, among other matters, the negotiation of a definitive agreement among the relevant parties, the satisfaction of the closing conditions provided thereunder, and the requisite corporate or other approvals from the relevant parties. There is no assurance that a definitive agreement will be entered into or that the proposed transaction will be consummated in time, or at all. Shareholders are cautioned not to place undue reliance on this press release.