Why Ebang International Stock Plunged Today

Shares of Ebang International Holdings (NASDAQ: EBON) plunged on Thursday after the blockchain technology company announced a new stock offering. As of 11 a.m. EDT today, the stock was down 13%.

For clarity, let's first explore Ebang's stock structure. The common shares of the China-based company are listed in the U.S. unlike many other international stocks. However, it has a dual-class structure of Class A shares and Class B shares. Class B shares get 20 votes each, whereas Class A shares only get one vote. But as far as determining the total share count, they count equally.

Image source: Getty Images.

Source Fool.com