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Canaan | 6-K: Canaan Announces Proposed Share Purchase by Management

SEC announcement · Apr 22 07:25

CAN -4.41%

Summary by Moomoo AI

Canaan Inc., a leading provider of high-performance computing solutions, announced on April 22, 2024, that its top executives, Chairman and CEO Mr. Nangeng Zhang, and CFO Mr. James Jin Cheng, plan to invest a minimum of US$2 million in the company's shares using personal funds. The purchase will be of the company's Class A ordinary shares represented by American depositary shares (ADSs), in accordance with Canaan's insider trading policy and legal guidelines. The executives expressed their belief that Canaan is currently undervalued, presenting a unique investment opportunity. Canaan is also progressing in its operations, streamlining the manufacturing of its A14 series mining machines and developing the next-generation A15 and A16 series. The company anticipates new opportunities arising from the recent fourth bitcoin halving. Canaan, established in 2013 and listed on the Nasdaq Global Market in 2019, specializes in ASIC high-performance computing chip design and production. The company cautions that this announcement contains forward-looking statements subject to risks and uncertainties, including those related to the bitcoin industry, product demand, market acceptance, and government regulations.

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