BEIJING, May 5, 2022
/PRNewswire/ -- Canaan Inc. (NASDAQ: CAN) ("Canaan" or the
"Company"), a leading high-performance computing solutions
provider, today provides an update on its status under the Holding
Foreign Companies Accountable Act (the "HFCAA").
The Company was provisionally named by the United States
Securities and Exchange Commission (the "SEC") as a
Commission-Identified Issuer on May 4,
2022 following the Company's filing of its annual report on
Form 20-F for the fiscal year ended December
31, 2021 with the SEC on April 29,
2022.
The Company understands that this identification under the HFCAA
and its implementation rules issued thereunder indicates that the
SEC determines that the Company used an auditor whose working paper
cannot be inspected or investigated completely by the Public
Company Accounting Oversight Board of the
United States (the "PCAOB") to issue the audit opinion for
its financial statements for the fiscal year ended December 31, 2021.
In accordance with the HFCAA, the SEC shall prohibit a company's
shares or American depositary shares from being traded on a
national stock exchange or in the over-the-counter trading market
in the United States if the
company has been identified by the SEC for three consecutive years
due to the PCAOB's inability to inspect the auditor's working
paper.
The Company has been actively exploring possible solutions to
protect the interest of its stakeholders. The Company will continue
to comply with applicable laws and regulations in both China and the U.S., and strive to maintain its
listing status on NASDAQ.
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 it." Canaan has 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 ASIC technology in the
field of high-performance computing and artificial
intelligence.
Safe Harbor Statement
This press release 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 press
release, 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 machines;
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, as amended. 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.
Ms. Xi Zhang
Email: IR@canaan-creative.com
ICR, LLC
Robin Yang
Tel: +1 (347) 396-3281
Email: canaan.ir@icrinc.com
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SOURCE Canaan Inc.