Canaan inc. announces the execution of a securities purchase agreement

Continues expansion of its self-mining expansion and bitcoin mining machine business in north america singapore , nov. 20, 2024 /prnewswire/ -- canaan inc. (nasdaq: can) ("canaan" or the "company" or "we"), a leading high-performance computing solutions provider, today announced that it has entered into a securities purchase agreement (the "securities purchase agreement") with an institutional investor (the "buyer"), pursuant to which the company shall issue and sell to the buyer up to 30,000 series a-1 preferred shares (the "series a-1 preferred shares") at the price of us$1,000.00 for each series a-1 preferred share. canaan agreed that the proceeds from the sale of the series a-1 preferred shares will be used by the company and/or its subsidiaries to manufacture or invest in digital mining sites and equipment to be deployed or sold in north america, including any acquisition or disposition of assets from or between subsidiaries.
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