BEIJING, June 23,
2022 /PRNewswire/ -- Canaan Inc. (NASDAQ: CAN)
("Canaan" or the "Company"), a leading high-performance computing
solutions provider, is pleased to announce that it has entered into
agreements with certain warrant holders (the "Warrant Holders") to
repurchase over 4.72 million
outstanding warrants ("Warrants") of the Company for an aggregate
purchase price of approximately
US$6.61 million. The Warrants
were issued by the Company in May
2021 pursuant to (i) certain Securities Purchase Agreement
(the "SPA") between the Company and the purchasers party thereto,
dated April 29, 2021, and (ii)
certain placement agent agreement between the Company and the
placement agents thereto, dated April
29, 2021.
Simultaneously, the parties amended the terms of the SPA in a
manner that is expected to provide the Company with more
flexibility with respect to future issuances of ADSs, Ordinary
Shares or Ordinary Share Equivalents, as defined in the SPA.
The Company would like to extend sincere appreciation to warrant
investors for their great support in the Company's development. The
completion of the warrant repurchase transaction will eliminate
all outstanding warrants and
streamline the capital structure of the Company, which enables the
Company more financing flexibility in the capital markets.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of the
securities in any jurisdiction in which such offer, solicitation or
sale would be unlawful.
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 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 ASIC 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. 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
possibility that the condition to the closing of the repurchase of
the Warrants is not satisfied and the repurchase of the Warrants is
not consummated; the possibility that at least of holders of 50.1%
in interest of the ADSs do not agree to the Amendment and the
Amendment is not consummated. Further information regarding this
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
View original
content:https://www.prnewswire.com/news-releases/canaan-inc-announces-the-repurchase-of-over-4-72-million-outstanding-warrants-for-approximately-us6-61-million-301574108.html
SOURCE Canaan Inc.