Nano Labs information for $50 million Nasdaq IPO

Nano Labs information for $50 million Nasdaq IPO

The corporate plans to boost $50 million by means of an preliminary public providing on Nasdaq.

by Shashank Bhardwaj

Picture: Shutterstock

Nano Labs, a Chinese language mining chip designer based by two former executives from bitcoin mining {hardware} maker Canaan, has filed an IPO with Nasdaq to boost about $50 million.

The corporate has filed with the US Securities and Trade Fee (SEC) for its upcoming IPO on Nasdaq, the world’s second largest inventory trade. The founders of Nano Labs, Kong Jianping and Solar Qifeng maintain 32.8 p.c and 22.3 p.c stake within the firm. Kong was a co-chairman and non-executive director at rival agency Canaan, however left the group attributable to alleged energy disputes inside the agency.

Jianping made an announcement submitting with the SEC, “It’s my intention that Nano Labs will decide to creating the facility of the Metaverse and strolling among the many key gamers to assist the world discover and establish the Metaverse.” ” He continued, “I’m assured that the Metaverse will usher in a brand new period for mankind.”

The submitting for American depository shares comes amid a plethora of regulatory points in each China and the USA, leading to an absence of offshore funds for any potential issuers from China. In 2022, New York has had solely two IPOs, every elevating $49.5 million, in comparison with 28 IPOs final 12 months that raised $5.8 billion.
Nano Labs plans to show right into a Metaverse enterprise and nonetheless go forward with the Nasdaq with no potential product. Nano Labs has been going through main difficulties since China crackdown on crypto mining final 12 months. The brand new rules have turn into a hindrance for the corporate, although the corporate is accountable for making the components used for crypto mining.
Most of their income got here from clients in China. Nevertheless, attributable to final 12 months’s motion, the corporate needed to open subsidiaries in Singapore to enterprise into the worldwide market.
The SEC submitting additionally mentioned, “These dangers regarding China might end in a major change in our operations and/or the worth of our securities, or considerably restrict our skill to supply or proceed to supply securities.” or utterly impede.”
Nano Labs works on creating built-in chips, referred to as HTC (high-throughput computing chips), that are used for mining many alternative cryptos akin to bitcoin and ethereum. “Our mission is to supply ubiquitous computing energy to the Metaverse computing community with our fabless logic-memory built-in circuits,” the corporate says.
Nano Labs has filed an IPO, however has additionally defined the way it can pose a excessive threat. Mainland Chinese language firms might be banned from US markets by 2023 if a US auditing company fails to evaluate Chinese language data for 3 years.
The writer is the founding father of yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bharadwajshash

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