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Amidst the ongoing dreary market conditions, crypto mining chip manufacturer giant Nano Labs seeking to step into Nasdaq listing
It could come as a surprise for most people who keep eye on the market activities that while most companies listed in NASDAQ are showing performance in red, at the same time Nano Labs seems to be requesting an initial public offering (IPO) with the United States Security and Exchange Commission.
As per the details outlined by an initial public offering monitoring portal Renaissance Capital, prominent Chinese Chip manufacturer giant company Nano Labs has filed with the US watchdog SEC for its upcoming IPO on the second biggest stock exchange in New York, NASDAQ.
At first, a Chinese crypto journalist and insider Colin Wu announced about the launching of Nano Labs IPO. As per further information disclosed by the IPO trackers, the request from Nano Labs to the SEC was sent for the first time in 2022. Further it was also outlined that the company is going to participate in the process by offering its stocks with the NA ticker.
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As far as Nano Labs is concerned, the company is one of the leading firms known for designing and manufacturing fabless integrated circuits in mainland China. Nano Labs has also created a fully owned subsidiary based in Singapore that facilitates the IC manufacturer company for its expansion to the markets overseas.
Further Mr. Wu also detailed that Nano Labs is managed by former co-chairman of yet another chip producer firm Canaan Inc., Kong Jianping. Canaan Inc. is known from its initial public offering (IPO) that ended up raising about $90 million worth of funds during the crypto winter of 2018-19. Further the company also has plans to yield about an impressive sum of more than 300% of what is raised.
Since the crypto market is going through an accelerated steep decline, this is followed by virtually all the mainstream stocks belonging to the segment facing the similar situation of significant losses. For instance, COIN of Coinbase is a classic example where it had lost about 82% of its price in its IPO. Bitcoin mining heavy weight TSX listed company, HUT 8 Mining also saw its HUT stocks’ price decline by 90% in a time period of seven months.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
