Canaan Inc. Broadcasts The Repurchase of Over 4.72 Million Excellent Warrants for Roughly US $ 6.61 Million

BEIJING, June 23, 2022 / PRNewswire / – Canaan Inc. (NASDAQ: CAN) (“Canaan” or the “Firm”), a number one high-performance computing options supplier, is happy to announce that it has entered into agreements with sure warrant holders (the “Warrant Holders”) to repurchase over 4.72 million excellent warrants (“Warrants”) of the Firm for an mixture buy value of roughly US $ 6.61 million. The Warrants have been issued by the Firm in Might 2021 pursuant to (i) sure Securities Buy Settlement (the “SPA”) between the Firm and the purchasers get together thereto, dated April 29, 2021and (ii) sure placement agent settlement between the Firm and the position brokers thereto, dated April 292021.

Concurrently, the events amended the phrases of the SPA in a way that’s anticipated to supply the Firm with extra flexibility with respect to future issuances of ADSs, Odd Shares or Odd Share Equivalents, as outlined within the SPA.

The Firm wish to prolong honest appreciation to warrant traders for his or her nice help within the Firm’s improvement. The completion of the warrant repurchase transaction will eradicate all excellent warrants and streamline the capital construction of the Firm, which allows the Firm extra financing flexibility within the capital markets.

This press launch shall not represent a suggestion to promote or the solicitation of a suggestion to purchase, nor shall there be any sale of the securities in any jurisdiction through which such supply, solicitation or sale can be illegal.

About Canaan Inc.

Established in 2013, Canaan (NASDAQ: CAN), is a know-how firm specializing in ASIC high-performance computing chip design, chip analysis and improvement, computing tools manufacturing, and software program providers. The corporate imaginative and prescient is “tremendous computing is what we do, social enrichment is why we do it.” Canaan has a wealthy expertise in chip design and streamlined manufacturing within the ASIC subject. In 2013, it launched and mass produced its first ASIC Bitcoin mining machine. In 2018, Canaan launched the world’s first 7nm ASIC chip, offering power environment friendly computing tools to the cryptocurrency mining business. In the identical yr, Canaan launched the world’s first RISC-V structure industrial edge AI chip, additional harnessing the potential of ASIC know-how within the subject of high-performance computing and synthetic intelligence.

Protected Harbor Assertion

This announcement comprises forward-looking statements. These statements are made below the “secure harbor” provisions of the US Non-public Securities Litigation Reform Act of 1995. These forward-looking statements will be recognized by terminology comparable to “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and related statements. Statements that aren’t historic info, together with statements about Canaan Inc.’s beliefs and expectations, are forward-looking statements. Ahead-looking statements contain inherent dangers and uncertainties. Various components may trigger precise outcomes to vary materially from these contained in any forward-looking assertion, together with however not restricted to the next: the chance that the situation to the closing of the repurchase of the Warrants shouldn’t be glad and the repurchase of the Warrants shouldn’t be consummated; the chance that at the least of holders of fifty.1% in curiosity of the ADSs don’t conform to the Modification and the Modification shouldn’t be consummated. Additional data concerning this and different dangers is included within the Firm’s filings with the SEC, together with its registration assertion on Type F-1, as amended, and its annual experiences on Type 20-F, as amended. All data supplied on this press launch and within the attachments is as of the date of this press launch, and Canaan Inc. doesn’t undertake any obligation to replace any forward-looking assertion, besides as required below relevant regulation.

Investor Relations Contact

Canaan Inc.
Ms. Xi Zhang
E mail: IR@canaan-creative.com

ICR, LLC.
Robin Yang
Tel: +1 (347) 396-3281
E mail: canaan.ir@icrinc.com

Cision

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SOURCE Canaan Inc.

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