Canaan inc. announces completion of conversion of the previously announced series a-1 preferred shares

All adss from converted series a-1 shares sold in open market singapore , july 29, 2025 /prnewswire/ -- canaan inc. (nasdaq: can) ("canaan" or the "company"), an innovator in crypto mining, today announced that the institutional investor (the "investor") in its previously disclosed series a-1 convertible preferred shares financing has fully converted all its holdings into american depositary shares ("adss"), each representing 15 of the company's class a ordinary shares, and has completed the sale of these adss through open market transactions. on march 10, 2025, the company announced it had entered into a securities purchase agreement with the investor, providing for total gross proceeds of up to us$200 million through a series a-1 preferred shares financing, with the first tranche of us$100 million closing on the same date.
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