Canaan (NASDAQ: CAN), a leading high-performance computing solutions provider, has announced its entry into agreements with certain warrant holders to repurchase over 4.72 million outstanding warrants of the company for an aggregate purchase price of approximately US$6.61 million. According to the update, the company issued the warrants 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 Canaan with more flexibility with respect to future issuances of ADSs, ordinary shares or ordinary share equivalents, as defined in the SPA.

To view the full press release, visit https://ccw.fm/Aap67

About Canaan Inc.

Established in 2013, Canaan 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.

About CryptoCurrencyWire (“CCW”)

CryptoCurrencyWire (CCW) is a financial news and content distribution company that provides (1) access to a network of wire services via InvestorWire to reach all target markets, industries and demographics in the most effective manner possible, (2) article and editorial syndication to 5,000+ news outlets (3), enhanced press release services to ensure maximum impact, (4) social media distribution via the Investor Brand Network (IBN) to nearly 2 million followers, (5) a full array of corporate communications solutions, and (6) a total news coverage solution with CCW Prime. As a multifaceted organization with an extensive team of contributing journalists and writers, CCW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. By cutting through the overload of information in today’s market, CCW brings its clients unparalleled visibility, recognition and brand awareness.

To receive instant SMS alerts, text “CRYPTO” to 844-397-5787 (U.S. Mobile Phones Only)

CryptoCurrency News Wire is where News, content and information converge via Crypto.

For more information, please visit https://www.CryptoCurrencyWire.com

Please see full terms of use and disclaimers on the CryptoCurrencyWire (CCW) website applicable to all content provided by CCW, wherever published or re-published: http://CCW.fm/Disclaimer

CryptoCurrencyWire (CCW)
New York, New York
www.CryptoCurrencyWire.com
212.994.9818 Office
Editor@CryptoCurrencyWire.com

CryptoCurrencyWire is part of the InvestorBrandNetwork