Canaan Inc., a prominent player in the blockchain and artificial intelligence sector, announced on November 19, 2024, that it has entered into a Securities Purchase Agreement with an institutional investor. Under the agreement, Canaan will issue and sell up to 30,000 Series A-1 Preferred Shares at a price of $1,000 each. The proceeds from this sale are earmarked for the expansion of the company's digital mining operations and equipment in North America, which may include acquisitions or dispositions of assets among subsidiaries. This move follows the successful closure of the third tranche of Series A preferred shares financing on September 30, 2024, where Canaan agreed to issue and sell up to 125,000 Series A Convertible Preferred Shares to the same buyer. The Securities Purchase Agreement includes...Show More

Canaan Inc., a prominent player in the blockchain and artificial intelligence sector, announced on November 19, 2024, that it has entered into a Securities Purchase Agreement with an institutional investor. Under the agreement, Canaan will issue and sell up to 30,000 Series A-1 Preferred Shares at a price of $1,000 each. The proceeds from this sale are earmarked for the expansion of the company's digital mining operations and equipment in North America, which may include acquisitions or dispositions of assets among subsidiaries. This move follows the successful closure of the third tranche of Series A preferred shares financing on September 30, 2024, where Canaan agreed to issue and sell up to 125,000 Series A Convertible Preferred Shares to the same buyer. The Securities Purchase Agreement includes standard representations, warranties, and indemnification obligations. Canaan has also adopted a Certificate of Designations for the Series A-1 Preferred Shares, which outlines the rights and restrictions associated with these shares. The company has advised that further details regarding the agreement can be found in the exhibits attached to their SEC filings, and this announcement serves for informational purposes only, not as an offer to sell securities.