Canaan Inc. Enters into Securities Purchase Agreement for Series A-1 Preferred Shares Financing and Completes First Tranche Closing
Summary
We remind investors to review our recent public filings related to the Preferred Shares Financing.The net proceeds from the financing will be used to fund activities necessary to support the Companys growth, including research and development, expansion of production scale, manufacturing or investing in digital mining sites and equipment for deployment in North America and sales globally, including any acquisition or disposition of assets from or between the Companys subsidiaries, and other general corporate purposes. "In our February Bitcoin mining and operational update, released on March 3, we announced our preliminary unaudited financial results for the fourth quarter ended December 31, 2024, reporting expected revenue that exceeded our guidance and an anticipated narrowed gross loss. Despite recent Bitcoin price fluctuations, we remain confident in our outlook and reaffirm our revenue guidance and expansion target of 10 EH/s self-mining capacity in North America by mid-2025. Rather, investors and the public should look to other disclosures contained in the Companys filings with the SEC.The foregoing description does not purport to be complete and is qualified in its entirety by reference to the full text of the Companys current report on Form 6-K dated March 10, 2025, announcing the execution of the Agreement and the closing of the first tranche financing under the Agreement.This press release 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. In 2013, Canaans founding team shipped to its customers the worlds first batch of mining machines incorporating ASIC technology in bitcoins history under the brand name Avalon.