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Canaan | 6-K: Report of foreign private issuer [Rules 13a-16 and 15d-16]

SEC announcement ·  Jan 24 13:37
Summary by Moomoo AI
Canaan Inc., a prominent technology firm listed on NASDAQ under the ticker CAN, successfully closed the second tranche of its preferred shares financing on January 22, 2024, raising over $50 million in gross proceeds. This follows the initial tranche completed on December 11, 2023, which raised $25 million. The financing agreement, entered into with an institutional investor on November 27, 2023, involved the issuance of up to 125,000 Series A Convertible Preferred Shares at $1,000 each. In the latest tranche, Canaan issued 50,000 Preferred Shares and delivered 2,800,000 American depositary shares (ADSs) through The Bank of New York Mellon. The ADSs, priced at a nominal $0.00000075 each, represent fifteen Class A ordinary shares of Canaan. The company plans to allocate the net proceeds towards research and development, production scale expansion, and other general corporate purposes. The Form 6-K filed with the SEC is for informational purposes and includes forward-looking statements under the U.S. Private Securities Litigation Reform Act of 1995, outlining potential risks and uncertainties that could affect the company's business and financial results.
Canaan Inc., a prominent technology firm listed on NASDAQ under the ticker CAN, successfully closed the second tranche of its preferred shares financing on January 22, 2024, raising over $50 million in gross proceeds. This follows the initial tranche completed on December 11, 2023, which raised $25 million. The financing agreement, entered into with an institutional investor on November 27, 2023, involved the issuance of up to 125,000 Series A Convertible Preferred Shares at $1,000 each. In the latest tranche, Canaan issued 50,000 Preferred Shares and delivered 2,800,000 American depositary shares (ADSs) through The Bank of New York Mellon. The ADSs, priced at a nominal $0.00000075 each, represent fifteen Class A ordinary shares of Canaan. The company plans to allocate the net proceeds towards research and development, production scale expansion, and other general corporate purposes. The Form 6-K filed with the SEC is for informational purposes and includes forward-looking statements under the U.S. Private Securities Litigation Reform Act of 1995, outlining potential risks and uncertainties that could affect the company's business and financial results.
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