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 worth of roughly US $ 6.61 million. The Warrants have been issued by the Firm in Might 2021 pursuant to (i) sure Securities Buy Settlement (the “SPA”) between the Firm and the purchasers celebration 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 way that’s anticipated to offer the Firm with extra flexibility with respect to future issuances of ADSs, Peculiar Shares or Peculiar Share Equivalents, as outlined within the SPA.
The Firm want to prolong honest appreciation to warrant traders for his or her nice assist within the Firm’s improvement. The completion of the warrant repurchase transaction will get rid of all excellent warrants and streamline the capital construction of the Firm, which permits 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 wherein such provide, solicitation or sale could 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 subject. 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 business. In the identical yr, Canaan launched the world’s first RISC-V structure industrial edge AI chip, additional harnessing the potential of ASIC know-how within the subject of high-performance computing and synthetic intelligence.
Protected Harbor Assertion
This announcement accommodates forward-looking statements. These statements are made beneath the “protected harbor” provisions of the US Non-public Securities Litigation Reform Act of 1995. These forward-looking statements will be recognized by terminology similar 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 lot of elements might 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 isn’t happy and the repurchase of the Warrants isn’t consummated; the likelihood that at the very least of holders of fifty.1% in curiosity of the ADSs don’t comply with the Modification and the Modification isn’t consummated. Additional data 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 stories on Kind 20-F, as amended. All data supplied 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 beneath relevant legislation.
Investor Relations Contact
Ms. Xi Zhang
Tel: +1 (347) 396-3281
SOURCE Canaan Inc.