BEIJING, May 5, 2021 /PRNewswire/ -- Canaan Inc.
(NASDAQ: CAN) ("Canaan" or the "Company"), a leading
high-performance computing solutions provider, today announced for
the closing of a registered direct offering of $170.0 million of its American Depositary Shares
("ADS"), each ADS representing 15 Class A ordinary shares of the
Company, par value US$0.00000005 per
share (the "Class A Ordinary Shares"), or US$12.60 per ADS. The Company has also issued to
the investors warrants (the "Warrants") to purchase up to an
aggregate of 4,047,620 ADSs (representing 60,714,300 Class A
Ordinary Shares), at an exercise price of $16.38 per ADS, which Warrants have a term of
three years from the date of issuance.
The net proceeds from this offering will be used for research
and development and expansion of production scale, and working
capital and general corporate purposes as disclosed in the
prospectus supplement to be filed in connection with the
offering.
FT Global Capital, Inc. acted as the sole bookrunning placement
agent and Valuable Capital Limited acted as co-placement agent for
the transaction. Simpson Thacher & Bartlett acted as the
Company's U.S. legal counsel and Schiff Hardin LLP acted as the
legal counsel for FT Global Capital.
These securities were offered through a prospectus supplement
pursuant to the Company's effective shelf registration statement
and the base prospectus contained therein. A shelf registration
statement (SEC Filing No. 333-255470) relating to these securities
has been filed with the Securities and Exchange Commission (the
"SEC") on April 23, 2021 and became
effective automatically pursuant to SEC Rule 462(e).
A prospectus supplement related to the offering has been filed
with the SEC on April 30, 2021. This
press release does not constitute an offer to sell or the
solicitation of an offer to buy, and these securities cannot be
sold in any state in which this offer, solicitation, or sale would
be unlawful prior to registration or qualification under the
securities laws of any such state. Any offer will be made only by
means of a prospectus, including a prospectus supplement, forming a
part of the effective registration statement.
About Canaan Inc.
Established in 2013, Canaan Inc. provides high-performance
computing solutions to efficiently solve complex problems. In 2016,
Canaan successfully initiated the production of its first 16nm chip
and passed the test to receive China's national high-tech enterprise
certification. In 2018, Canaan achieved major technological
breakthroughs to launch the K210, the world's first-ever
RISC-V-based edge artificial intelligence (AI) chip, which is now
widely used for access control in situations such as smart door
locks and more. Canaan Inc. is currently focused on the research
and development of advanced technology, including such areas as AI
chips, AI algorithms, AI architectures, system on a chip (SoC)
integration and chip integration. Using the AI chip as its base,
Canaan Inc. has established an intellectual value chain. Canaan
Inc. also provides a suite of AI service solutions and is able to
tailor these solutions to the needs of its partners. For more
information, please visit: investor.canaan-creative.com.
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.
Jack Wang
Tel: +1 (347) 396-3281
Email: canaan.ir@icrinc.com
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SOURCE Canaan Inc.