Cryptonewsbreaks Canaan Inc. (NASDAQ: CAN) Announces Repurc...| MENAFN.COM

Tuesday, 28 June 2022 01:10 GMT

Cryptonewsbreaks Canaan Inc. (NASDAQ: CAN) Announces Repurchase Of Outstanding Warrants For ~$6.61M


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Canaan (NASDAQ: CAN) , a leading high-performance computing solutions provider, has announced its entry into agreements with certain warrant holders to repurchase over 4.72 million outstanding warrants of the company for an aggregate purchase price of approximately US$6.61 million. According to the update, the company issued the warrants in May 2021 pursuant to (i) certain securities purchase agreement (the“SPA”) between the company and the purchasers party thereto, dated April 29, 2021, and (ii) certain placement agent agreement between the company and the placement agents thereto, dated April 29, 2021. Simultaneously, the parties amended the terms of the SPA in a manner that is expected to provide Canaan with more flexibility with respect to future issuances of ADSs, ordinary shares or ordinary share equivalents, as defined in the SPA.

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About Canaan Inc.

Established in 2013, Canaan is a technology company focusing on ASIC high-performance computing chip design, chip research and development, computing equipment production, and software services. The company's vision is“super computing is what we do, social enrichment is why we do it.” Canaan has a rich experience in chip design and streamlined production in the ASIC field. In 2013, it released and mass produced its first ASIC Bitcoin mining machine. In 2018, Canaan released the world's first 7nm ASIC chip, providing energy efficient computing equipment to the cryptocurrency mining industry. In the same year, Canaan released the world's first RISC-V architecture commercial edge AI chip, further harnessing the potential of ASIC technology in the field of high-performance computing and artificial intelligence.

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