While other NASDAQ-listed companies are in the red, their competitors from Nano Labs filled a request with the U.S. watchdog for an initial public offering (IPO).
Chip producer Nano Labs eyes $50 million IPO on NASDAQ
According to the statement shared by IPO monitoring portal Renaissance Capital, Nano Labs, a Chinese chip producer, filled with the U.S. SEC for an upcoming IPO on NASDAQ.
Nano Labs, a mining chip company founded by former Canaan executive Kong Jianping, is preparing to list on the Nasdaq. It filed on Friday with the SEC to raise up to $50 million in an initial public offering. https://t.co/ettlT3PpUG— Wu Blockchain (@WuBlockchain) June 11, 2022
The announcement was made by Chinese cryptocurrency journalist and insider Colin Wu. As per the information of the IPO trackers, for the first time, the request to the SEC was sent quietly in 2021. The company is going to offer its stocks under the NA ticker.
Nano Labs is a leading fabless integrated circuit design company in mainland China; it also created a Singapore-based fully-owned subsidiary to faciliate the expansion of its overseas market.
Mr. Wu also says that Nano Labs is helmed by Kong Jianping, former co-chairman of another chips producer, Canaan Inc. Canaan made headlines with its IPO that raised $90 million amid the 2018-2019 crypto winter; the company had planned to yield a 300% more impressive sum.
COIN, HUT, MSTR in deep red
As the cryptocurrency market drawdown accelerates, virtually all mainstream stocks in this segment are facing significant losses. Coinbase's COIN is a textbook example: it lost 82% of its IPO price.
TSX-listed Bitcoin (BTC) mining heavyweight Hut 8 Mining saw the price of its HUT stocks plummet by almost 90% in the last seven months.
MicroStrategy Inc., a flagship company of corporate crypto adoption trends, looks strong amid this carnage; in recent months, it "only" lost 75% of its capitalization.