SINGAPORE, Nov. 26,
2024 /PRNewswire/ -- Canaan Inc. (NASDAQ: CAN)
("Canaan" or the "Company"), a leading high-performance computing
solutions provider, today announced that it has closed the
previously announced Series A-1 preferred shares financing (the
"Preferred Shares Financing"), raising total gross proceeds of
US$30 million.
On November 19, 2024, the Company
entered into a securities purchase agreement ("Securities Purchase
Agreement") with an institutional investor (the "Buyer"), pursuant
to which the Company agreed to issue and sell to the Buyer 30,000
Series A-1 Convertible Preferred Shares (the "Preferred
Shares") at the price of US$1,000.00 for each Preferred Share.
The foregoing description does not purport to be complete and is
qualified in its entirety by reference to the full text of the
Company's current report on Form 6-K dated November 20, 2024 announcing the execution of the
Securities Purchase Agreement.
This press release is for informational purposes
only and is not an offer to sell or a solicitation of an offer to
buy any securities, which is made only by means of a prospectus
supplement and related prospectus. There will be no sale of these
securities in any jurisdiction in which such an offer, solicitation
of an offer to buy or sale would be unlawful.
About Canaan Inc.
Established in 2013, Canaan Inc. (NASDAQ: CAN), is a technology
company focusing on ASIC high-performance computing
chip design, chip research and development, computing equipment
production, and software services. Canaan has extensive experience
in chip design and streamlined production in the ASIC
field. In 2013, Canaan's founding team shipped to its customers the
world's first batch of mining machines incorporating
ASIC technology in bitcoin's history
under the brand name Avalon. In 2019, Canaan completed its initial
public offering on the Nasdaq Global Market. To learn more about
Canaan, please visit https://www.canaan.io/.
Safe Harbor Statement
This press release contains forward−looking statements. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. These
forward−looking statements can be identified by terminology such as
"will," "expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates" and similar statements. Among other things,
Canaan Inc.'s anticipated financing plans and its intended use of
proceeds contain forward−looking statements. Canaan Inc. may also
make written or oral forward−looking statements in its periodic
reports to the U.S. Securities and Exchange Commission ("SEC") on
Forms 20−F and 6−K, in its annual report to shareholders, in press
releases and other written materials and in oral statements made by
its officers, directors or employees to third parties. Statements
that are not historical facts, including statements about Canaan
Inc.'s beliefs and expectations, are forward−looking statements.
Forward−looking statements involve inherent risks and
uncertainties. A number of factors could cause actual results to
differ materially from those contained in any forward−looking
statement, including but not limited to the following: the
Company's goals and strategies; the Company's future business
development, financial condition and results of operations; the
expected growth of the bitcoin industry and the price
of bitcoin; the Company's expectations regarding
demand for and market acceptance of its products, especially its
bitcoin mining machines; the Company's expectations
regarding maintaining and strengthening its relationships with
production partners and customers; the Company's investment plans
and strategies, fluctuations in the Company's quarterly operating
results; competition in its industry; and relevant government
policies and regulations relating to the Company and
cryptocurrency. Further information regarding these
and other risks is included in the Company's filings with the SEC.
All information provided in this press release and in the
attachments is as of the date of this press release, and Canaan
Inc. does not undertake any obligation to update any
forward−looking statement, except as required under applicable
law.
Investor Relations Contact
Canaan Inc.
Xi Zhang
Email: IR@canaan-creative.com
ICR, LLC.
Robin Yang
Tel: +1 (347) 396-3281
Email: canaan.ir@icrinc.com
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SOURCE Canaan Inc.