China-based company Nano Labs ended its private placement of shares at $36.25 million. The firm creates fabless integrated circuits and stands as one of the prominent product solution providers in the industry.
According to the press release, the chip company placed its 5,611,459 Class A ordinary shares in the private sale with the per share price at $6.46. The company received the purchase amounts of shares in US dollars, Bitcoin and USDT. Notably, these transactions were not subject to the Securities Act of 1933 Section 5 for being private placements.
This landmark underscores the strong position of Nano Labs in the growing crypto-mining industry and allows the company to bolster its productivity as per the increased demand.
In other words, the milestone represents the investor’s confidence in the company and their support for the firm’s business model and its future prospects. Enhancing the company’s technological capabilities using these funds will understandably expand its market reach as well.
Nano Labs secures its presence with latest V Series chips
The Chinese company has built a reputation for creating effective mining solutions since 2022, and the V2 series is among its most reliable products with updated hardware and extended heat dissipation. Nano Labs has equipped its latest V series models with Cuckoo 3.0 chips to enhance energy efficiency and performance in mining operations.
Nano Labs initially deals in high performance computing (HPC) chips and high throughput computing (HTC) chips alongside storage solutions and distributed computing models.
The tech company previously earned fame for creating a flow processing unit (FPU) architecture that offers both HTC and HPC features. Moreover, the company’s Cuckoo series entered the market as the first near-memory HTC model introduced.
Interestingly, Nano Labs has succeeded to relisted on the world’s top exchange Nasdaq and fulfilled the exchange’s requirements to have the minimum bid price and meet regulatory compliance. The firm regained its Nasdaq status on Nov. 18, 2024, and previously got delisted in July 2022.
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