Canaan announces entry into agreement for registered direct placement of approximately us$170.0 million of its adss and warrants

Beijing, april 29, 2021 (globe newswire) -- canaan inc. (nasdaq: can) ("canaan" or the "company"), a leading high-performance computing solutions provider, today announced it has entered into a securities purchase agreement with certain institutional investors for a registered direct placement of approximately $170.0 million of its american depositary shares (“ads”), each ads representing 15 class a ordinary shares of the company, par value us$0.00000005 per share (the “class a ordinary shares”), or us$12.60 per ads. the company has also agreed to issue to the investors warrants (the “warrants”) to purchase up to an aggregate of 4,047,620 adss (representing 60,714,300 class a ordinary shares), at an exercise price of $16.38 per ads, which warrants will have a term of three years from the date of issuance. the offering is expected to close on or about may 3, 2021, subject to customary closing conditions.
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