Canaan Inc. Raises $30M in Series A-1 Preferred Shares Financing

TL;DR

Canaan just closed a $30M preferred share financing. Bullish for growth.

AI Summary

Canaan Inc. announced on November 26, 2024, that it has successfully closed its Series A-1 preferred shares financing, raising total gross proceeds of US$30 million. This financing round was previously announced and marks a significant funding event for the company.

Why It Matters

This financing provides Canaan Inc. with additional capital, which can be used for operational expansion, research and development, or strategic initiatives, potentially strengthening its market position.

Risk Assessment

Risk Level: medium — While the financing is positive, the company operates in a volatile semiconductor market, and the specific use of funds and future performance will determine the ultimate impact.

Key Numbers

• US$30 million — Gross Proceeds (Amount raised in the Series A-1 Preferred Shares Financing.)

Key Players & Entities

• Canaan Inc. (company) — The company announcing the financing.
• NASDAQ: CAN (company) — The stock ticker for Canaan Inc.
• US$30 million (dollar_amount) — The total gross proceeds raised from the financing.
• November 26, 2024 (date) — The date of the announcement and closing of the financing.

FAQ

Key Financial Figures

• $30 million — uo;), raising total gross proceeds of US$30 million. On November 19, 2024, the Company ent
• $1,000.00 — ferred Shares”) at the price of US$1,000.00 for each Preferred Share. The foregoi

Filing Documents

• tm2429441d1_6k.htm (6-K) — 13KB
• 0001104659-24-122775.txt ( ) — 14KB

From the Filing

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 6-K REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934 For the month of November 2024 Commission File Number: 001-39127 Canaan Inc. 28 Ayer Rajah Crescent #06-08 Singapore 139959 (Address of principal executive offices) Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F. Form 20-F x Form 40-F ¨ Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): Canaan Inc. Closes Series A-1 Preferred Shares Financing Canaan Inc. (NASDAQ: CAN) (“Canaan” or the “Company”) today announced that it has closed the previously announced Series A-1 preferred shares financing (the “Preferred Shares Financing”), raising total gross proceeds of US$30 million. On November 19, 2024, the Company entered into a securities purchase agreement (“Securities Purchase Agreement”) with an institutional investor (the “Buyer”), pursuant to which the Company agreed to issue and sell to the Buyer 30,000 Series A-1 Convertible Preferred Shares (the “Preferred Shares”) at the price of US$1,000.00 for each Preferred Share. The foregoing description does not purport to be complete and is qualified in its entirety by reference to the full text of the Company’s current report on Form 6-K dated November 20, 2024 announcing the execution of the Securities Purchase Agreement. This Form 6-K is for informational purposes only and is not an offer to sell or a solicitation of an offer to buy any securities, which is made only by means of a prospectus supplement and related prospectus. There will be no sale of these securities in any jurisdiction in which such an offer, solicitation of an offer to buy or sale would be unlawful. Safe Harbor Statement This Form 6-K contains forwardlooking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forwardlooking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Among other things, Canaan Inc.’s anticipated financing plans and its intended use of proceeds contain forwardlooking statements. Canaan Inc. may also make written or oral forwardlooking statements in its periodic reports to the U.S. Securities and Exchange Commission (“SEC”) on Forms 20F and 6K, 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 forwardlooking statements. Forwardlooking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forwardlooking 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; 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. All information provided in this Form 6-K and in the attachments is as of the date of this Form 6-K, and Canaan Inc. does not undertake any obligation to update any forwardlooking statement, except as required under applicable law. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Canaan Inc. By: /s/ Nangeng Zhang Name: Nangeng Zhang Title: Chairman and Chief Executive Officer Date: November 26, 2024

View Full Filing

View this 6-K filing on SEC EDGAR