Canaan Makes Statement Regarding Shelf Registration Submission

Rhea-AI Summary

Canaan Inc. filed a universal shelf registration statement with the SEC to address future strategic needs, not to sell securities. The company's stable operations focus on supporting the global mining ecosystem. Refer to their recent annual report for more information.

SINGAPORE, April 19, 2024 /PRNewswire/ -- Canaan Inc. (NASDAQ: CAN) ("Canaan" or the "Company"), a leading high-performance computing solutions provider, today announced that it has filed a universal shelf registration statement on Form F-3 (File No. 333-278762) with the United States Securities and Exchange Commission (the "SEC") on April 17, 2024.

The Company believes it is prudent to file the shelf registration statement as a matter of standard corporate procedure and to streamline any response to future strategic needs. The Company is not required to offer or sell securities under the shelf registration statement.

The registration statement has been filed with the SEC but has not yet become effective. The securities covered by the registration may not be sold, nor may offer to buy the securities be accepted prior to the effectiveness of the registration statement. The terms of any such offerings under the registration statement will be established at the time of such offering, will be subject to market conditions, and will be described in detail in a supplement to the prospectus filed with the SEC relating to such offering.

The Company's operations are stable as it continues to support the overall ecosystem and miner partners worldwide with computing power and superior mining solutions. For details of the Company's current operations, please refer to the Company's annual report on Form 20-F for the fiscal year ended December 31, 2023 filed with the SEC on April 17, 2024.

This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, any securities, nor will there be any sale of securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Canaan Inc.

Established in 2013, Canaan Inc. (NASDAQ: CAN), is a technology company focusing on ASIC high-performance computing chip design, chip research and development, computing equipment production, and software services. Canaan has extensive experience in chip design and streamlined production in the ASIC field. In 2013, under the leadership of Mr. Nangeng Zhang, founder and CEO, Canaan's founding team shipped to its customers the world's first batch of mining machines incorporating ASIC technology in bitcoin's history under the brand name, Avalon. In 2019, Canaan completed its initial public offering on the Nasdaq Global Market. To learn more about Canaan, please visit https://www.canaan.io/.

Safe Harbor Statement

This announcement contains forward−looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward−looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, the business outlook and quotations from management in this announcement, as well as Canaan Inc.'s strategic and operational plans, contain forward−looking statements. Canaan Inc. may also make written or oral forward−looking statements in its periodic reports to the U.S. Securities and Exchange Commission ("SEC") on Forms 20−F and 6−K, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Canaan Inc.'s beliefs and expectations, are forward−looking statements. Forward−looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward−looking statement, including but not limited to the following: the Company's goals and strategies; the Company's future business development, financial condition and results of operations; the expected growth of the bitcoin industry and the price of bitcoin; the Company's expectations regarding demand for and market acceptance of its products, especially its bitcoin mining machines; the Company's expectations regarding maintaining and strengthening its relationships with production partners and customers; the Company's investment plans and strategies, fluctuations in the Company's quarterly operating results; competition in its industry in China; and relevant government policies and regulations relating to the Company and cryptocurrency. Further information regarding these and other risks is included in the Company's filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Canaan Inc. does not undertake any obligation to update any forward−looking statement, except as required under applicable law.

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SOURCE Canaan Inc.

FAQ

What did Canaan Inc. announce regarding the SEC?

Canaan Inc. announced the filing of a universal shelf registration statement on Form F-3 (File No. 333-278762) with the SEC on April 17, 2024.

Why did Canaan Inc. file the shelf registration statement?

Canaan Inc. filed the shelf registration statement as a standard corporate procedure and to prepare for any future strategic needs.

Can securities be sold under the shelf registration statement?

No, the company is not required to offer or sell securities under the shelf registration statement.

What should be done before selling the securities covered by the registration?

Securities covered by the registration may not be sold, nor may offer to buy the securities be accepted before the registration statement becomes effective.

What type of offerings will be subject to market conditions under the registration statement?

Offerings under the registration statement will be subject to market conditions and described in detail in a supplement to the prospectus filed with the SEC.

Where can more information about Canaan Inc.'s current operations be found?

For details of the company's current operations, refer to Canaan Inc.'s annual report on Form 20-F for the fiscal year ended December 31, 2023 filed with the SEC on April 17, 2024.

Does the press release indicate any immediate sale of securities?

The press release clarifies that it does not constitute an offer to sell or buy any securities, and there will be no sale of securities unless registered or qualified under the securities laws.

What is Canaan Inc.'s ticker symbol?

Canaan Inc.'s ticker symbol is CAN.