BEIJING, Aug. 11, 2021 /PRNewswire/ -- Canaan
Inc. (NASDAQ: CAN) ("Canaan" or the "Company"), a leading
high-performance computing solutions provider, today announced that
the Company through its wholly-owned subsidiary, Hangzhou Canaan
Creative Information Technology Limited, has entered into an
agreement with Pixelworks Semiconductor Technology (Shanghai) Co., Ltd.("PWSH"), a subsidiary of
Pixelworks, Inc. (NASDAQ: PXLW) ("Pixelworks") to invest
approximately US$3.1 million in cash
in exchange for an equity interest in PWSH (the "Investment"),
subject to certain closing conditions.
Canaan's investment in PWSH is under a Capital Increase
Agreement that Pixelworks and PWSH entered with certain private
equity and strategic investors besides Canaan (collectively, the
"Investors"), in addition to an ESOP program of PWSH.
Under the Capital Increase Agreement, PWSH has also agreed to
attempt to complete all requirements to qualify to file an
application for a qualified initial public offering (the "QIPO")
such that the QIPO is consummated prior to June 30, 2024, for the Investors.
Pixelworks is a NASDAQ-listed company that provides
industry-leading content creation, video delivery and display
processing solutions and technology that enable highly authentic
viewing experiences with superior visual quality, across all
screens – from cinema to smartphone and beyond. PWSH designs,
manufactures and sales visual display processing semiconductors and
custom application specific integrated circuits ("ASIC") solutions
for video applications, advanced media processing, and the
efficient delivery and streaming of video in the target markets of
smartphones, tablets, digital projection systems, high-quality
video infrastructure equipment, and over-the-air streaming
devices.
Mr. Nangeng Zhang, Chairman and Chief Executive Officer of
Canaan, commented, "Among other distinguished investors, we are
pleased to reach the investment agreement with Pixelworks. We are
also impressed by PWSH's strong internal confidence reflected by
its ESOP program. As a subsidiary of an outstanding NASDAQ-listed
company, PWSH proved to be an attractive investee with a pioneering
role in the visual solution space. We like PWSH's influential
market share in the vertical, established brand equity among
electronics manufacturers, strong sales capabilities, cutting-edge
technologies and solutions, as well as robust growth
potential."
"This investment reaffirms our strategy of further expanding
Canaan's compelling computing power beyond cryptocurrency mining to
AI solutions. Featured with our Kendryte series products, we are
committed to furthering R&D efforts and expanding the usage
scenarios of our AI business. We look forward to leveraging our
advantages to unlock synergies with PWSH on ASIC and edge computing
applications in the massive market of image processing and visual
solutions," Mr. Zhang concluded.
About Canaan Inc.
Established in 2013, Canaan (NASDAQ: CAN), is a technology
company focusing on ASIC high-performance computing chip design,
chip research and development, computing equipment production and
software services. The company's vision is "super computing is what
we do, social enrichment is why we do". Canaan has a rich
experience in chip design and streamlined production in the ASIC
field. In 2013, it released and mass produced its first ASIC
Bitcoin mining machine. In 2018, Canaan released the world's first
7nm ASIC chip, providing energy efficient computing equipment to
the cryptocurrency mining industry. In the same year, Canaan
released the world's first RISC-V architecture commercial edge AI
chip, further harnessing the potential of AISC technology in the
field of high-performance computing and artificial
intelligence.
Safe Harbor Statement
This announcement contains forward−looking statements. These
statements are made under the "safe harbor" provisions of
the U.S. Private Securities Litigation Reform Act of
1995. These forward−looking statements can be identified by
terminology such as "will," "expects," "anticipates," "future,"
"intends," "plans," "believes," "estimates" and similar statements.
Among other things, the business outlook and quotations from
management in this announcement, as well as Canaan
Inc.'s strategic and operational plans, contain
forward−looking statements. Canaan Inc. may also make
written or oral forward−looking statements in its periodic reports
to the U.S. Securities and Exchange Commission ("SEC") on
Forms 20−F and 6−K, in its annual report to shareholders, in press
releases and other written materials and in oral statements made by
its officers, directors or employees to third parties. Statements
that are not historical facts, including statements
about Canaan Inc.'s beliefs and expectations, are
forward−looking statements. Forward−looking statements involve
inherent risks and uncertainties. A number of factors could cause
actual results to differ materially from those contained in any
forward−looking statement, including but not limited to the
following: the Company's goals and strategies; the Company's future
business development, financial condition and results of
operations; the expected growth of the Bitcoin industry and the
price of Bitcoin; the Company's expectations regarding demand for
and market acceptance of its products, especially its Bitcoin
mining equipment; the Company's expectations regarding maintaining
and strengthening its relationships with production partners and
customers; the Company's investment plans and strategies;
fluctuations in the Company's quarterly operating results;
competition in its industry in China; and relevant government
policies and regulations relating to the Company and
cryptocurrency. Further information regarding these and other risks
is included in the Company's filings with the SEC, including
its registration statement on Form F−1, as amended, and its annual
reports on Form 20−F. All information provided in this press
release and in the attachments is as of the date of this press
release, and Canaan Inc. does not undertake any
obligation to update any forward−looking statement, except as
required under applicable law.
Investor Relations Contact
Canaan Inc.
Mr. Shaoke Li
Email: IR@canaan-creative.com
ICR Inc.
Robin Yang
Tel: +1 (347) 396-3281
Email: canaan.ir@icrinc.com
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SOURCE Canaan Inc.