Bitcoin

Bitcoin Miner Manufacturer Canaan To Sell ADSs Representing Class A Ordinary Shares

Bitcoin miner manufacturer Canaan revealed that it would offer and sell ADSs representing their Class A ordinary shares with an aggregate offering price of up to $750 million for research and development, production scale expansion, and other reasons.

Canaan will also sell its American depositary shares, or ADSs, each representing 15 of their Class A ordinary shares with a par value of $0.00000005 per share. It announced that it would offer and sell ADSs representing its 6,400,563,270 Class A ordinary shares for an aggregate offering price of up to $750 million, to be used for R&D, production scale expansion, and other purposes.

According to the publication, on November 23, 2022, Canaan entered into an At The Market Offering Agreement, as amended, or the sales agreement, with Wainwright or the Sales Agent.

The statement further indicates that these securities have not been authorized or disapproved by the Securities and Exchange Authority or any state securities commission.

Canaan CFO previously stated that while Bitcoin may fall, energy prices rise, and mining companies’ cash pressures increase, market conditions are expected to worsen in the next two quarters, and they will focus on ensuring cash flow.

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Harold

Coincu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.