Canaan Inc. (NASDAQ: CAN), a prominent provider of high-performance computing solutions, announced the successful closing of its Series A-1 preferred stock financing. The company raised $30 million in total proceeds, according to PR Newswire.
Financing Details
Funding was confirmed on November 19, 2024, when Canaan signed a securities sales agreement with institutional investors. Under the agreement, Canaan issued and sold 30,000 shares of Series A-1 convertible preferred stock at a price of $1,000 per share. This strategic move aims to strengthen Canaan’s financial position and support future growth initiatives.
About Canaan Co., Ltd.
Founded in 2013, Canaan Inc. specializes in the design and development of ASIC high-performance computing chips, computing equipment production, and software services. The company is known for providing the first batch of ASIC technology-based miners for Bitcoin under the Avalon brand. Canaan was listed on the Nasdaq Global Market in 2019.
Market situation and future outlook
Canaan’s latest funding coincides with the growing demand for cryptocurrency mining equipment as the industry continues to expand. The company’s expertise in ASIC chip design makes it particularly well-suited to capitalize on the growing interest in Bitcoin mining as global interest in the cryptocurrency continues.
Forward-Looking Statements
This announcement contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements reflect Canaan’s expectations regarding its future business development, market conditions and anticipated financial performance. However, there are inherent risks and uncertainties that could cause actual results to differ materially from expectations.
As Canaan continues to navigate the dynamic landscape of cryptocurrency and high-performance computing, we are committed to strengthening our product offerings and maintaining strong relationships with our partners and customers. Proceeds from this funding round are expected to support these strategic initiatives.
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