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Canaan | 424B5: Prospectus

SEC announcement ·  Jan 19 00:00
Summary by Moomoo AI
Canaan Inc., a leading provider of supercomputing solutions, has announced the sale of 2,800,000 American Depositary Shares (ADSs) and 50,000 Series A Convertible Preferred Shares. Each ADS represents the right to receive 15 of Canaan's Class A ordinary shares. The offering also includes Class A ordinary shares issuable upon conversion of the Series A Convertible Preferred Shares. The conversion terms include a conversion amount, price, and rate, subject to the terms and conditions of the deposit agreement. The ADSs are listed on the NASDAQ Global Market under the symbol 'CAN.' The last reported sale price of the ADSs on The Nasdaq Global Market was US$1.84 per ADS as of January 18, 2024. There is no established trading market for the Series A Preferred Shares...Show More
Canaan Inc., a leading provider of supercomputing solutions, has announced the sale of 2,800,000 American Depositary Shares (ADSs) and 50,000 Series A Convertible Preferred Shares. Each ADS represents the right to receive 15 of Canaan's Class A ordinary shares. The offering also includes Class A ordinary shares issuable upon conversion of the Series A Convertible Preferred Shares. The conversion terms include a conversion amount, price, and rate, subject to the terms and conditions of the deposit agreement. The ADSs are listed on the NASDAQ Global Market under the symbol 'CAN.' The last reported sale price of the ADSs on The Nasdaq Global Market was US$1.84 per ADS as of January 18, 2024. There is no established trading market for the Series A Preferred Shares, and Canaan does not intend to list these shares on any securities exchange. The total proceeds to Canaan, before expenses, will be US$50,000,002.1. The offering follows a Securities Purchase Agreement dated November 27, 2023, with the first closing date occurring on December 11, 2023, raising total gross proceeds of $25 million. The prospectus supplement dated January 19, 2024, provides further details about the offering, including risk factors and the use of proceeds, which are intended for research and development, expansion of production scale, and other general corporate purposes.

This announcement is a separate document:

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