BEIJING, June 23, 2022 / PRNewswire / – Canaan Inc. (NASDAQ: CAN) (“Canaan” or the “Firm”), a number one high-performance computing options supplier, is happy to announce that it has entered into agreements with sure warrant holders (the “Warrant Holders”) to repurchase over 4.72 million excellent warrants (“Warrants”) of the Firm for an combination buy value of roughly US $ 6.61 million. The Warrants have been issued by the Firm in Could 2021 pursuant to (i) sure Securities Buy Settlement (the “SPA”) between the Firm and the purchasers get together thereto, dated April 29, 2021and (ii) sure placement agent settlement between the Firm and the position brokers thereto, dated April 292021.
Concurrently, the events amended the phrases of the SPA in a fashion that’s anticipated to supply the Firm with extra flexibility with respect to future issuances of ADSs, Odd Shares or Odd Share Equivalents, as outlined within the SPA.
The Firm wish to prolong honest appreciation to warrant buyers for his or her nice assist within the Firm’s improvement. The completion of the warrant repurchase transaction will remove all excellent warrants and streamline the capital construction of the Firm, which allows the Firm extra financing flexibility within the capital markets.
This press launch shall not represent a suggestion to promote or the solicitation of a suggestion to purchase, nor shall there be any sale of the securities in any jurisdiction by which such provide, solicitation or sale can be illegal.
About Canaan Inc.
Established in 2013, Canaan (NASDAQ: CAN), is a know-how firm specializing in ASIC high-performance computing chip design, chip analysis and improvement, computing gear manufacturing, and software program providers. The corporate imaginative and prescient is “tremendous computing is what we do, social enrichment is why we do it.” Canaan has a wealthy expertise in chip design and streamlined manufacturing within the ASIC area. In 2013, it launched and mass produced its first ASIC Bitcoin mining machine. In 2018, Canaan launched the world’s first 7nm ASIC chip, offering power environment friendly computing gear to the cryptocurrency mining trade. In the identical 12 months, Canaan launched the world’s first RISC-V structure industrial edge AI chip, additional harnessing the potential of ASIC know-how within the area of high-performance computing and synthetic intelligence.
Secure Harbor Assertion
This announcement accommodates forward-looking statements. These statements are made underneath the “protected harbor” provisions of the US Non-public Securities Litigation Reform Act of 1995. These forward-looking statements will be recognized by terminology comparable to “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and comparable statements. Statements that aren’t historic information, together with statements about Canaan Inc.’s beliefs and expectations, are forward-looking statements. Ahead-looking statements contain inherent dangers and uncertainties. A variety of elements may trigger precise outcomes to vary materially from these contained in any forward-looking assertion, together with however not restricted to the next: the likelihood that the situation to the closing of the repurchase of the Warrants will not be happy and the repurchase of the Warrants will not be consummated; the likelihood that a minimum of of holders of fifty.1% in curiosity of the ADSs don’t comply with the Modification and the Modification will not be consummated. Additional info relating to this and different dangers is included within the Firm’s filings with the SEC, together with its registration assertion on Kind F-1, as amended, and its annual experiences on Kind 20-F, as amended. All info offered on this press launch and within the attachments is as of the date of this press launch, and Canaan Inc. doesn’t undertake any obligation to replace any forward-looking assertion, besides as required underneath relevant regulation.
Investor Relations Contact
Ms. Xi Zhang
Tel: +1 (347) 396-3281
SOURCE Canaan Inc.