$Canaan Inc(CAN.US)$, a leading high-performance computing solutions provider, today announced it has entered into a securities purchase agreement with certain institutional investors for a registered direct placement of approximately $170.0 million of its American Depositary Shares , each ADS representing 15 Class A ordinary shares of the Company, par value US$0.00000005 per share, or US$12.60 per ADS.
The Company has also agreed to issue to the investors warrants to purchase up to an aggregate of 4,047,620 ADSs (representing 60,714,300 Class A Ordinary Shares), at an exercise price of $16.38 per ADS, which Warrants will have a term of three years from the date of issuance.
The offering is expected to close on or about May 3, 2021, subject to customary closing conditions.