Summary by Moomoo AI
Canaan Inc. has entered into a new sales agreement on December 23, 2024, with multiple investment banks including Macquarie Capital and KBW for an at-the-market (ATM) offering program of up to US$270 million in ADSs. Each ADS represents fifteen Class A ordinary shares, with the timing and extent of the program at the company's discretion.The company has terminated its previous ATM agreement with B. Riley dated November 10, 2023. Under the previous program, Canaan sold 31,347,044 ADSs between November 10 and December 31, 2023, generating net proceeds of approximately US$61.2 million at an average price of US$1.99 per ADS.The new offering will be conducted through the NASDAQ Global Market, with proceeds intended for research and development, production expansion, digital mining equipment investment, and general corporate purposes. The sales agents will sell shares based on the company's instructions using methods permitted under Rule 415(a)(4) of the Securities Act.
