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Nano Labs Ltd (Nasdaq: NA) is a prominent fabless integrated circuit (IC) design company and product solution provider based in China. As a fabless entity, the company focuses on the design and development of state-of-the-art ICs without owning or operating semiconductor fabrication plants. Nano Labs is committed to advancing technology through the creation of high throughput computing (HTC) chips, high performance computing (HPC) chips, distributed computing and storage solutions, smart network interface cards (NICs), vision computing chips, and distributed rendering solutions.
The company’s key products include the Cuckoo 1.0, Cuckoo 2.0, and the Darkbird 1.0 chips, which are known for their high efficiency and advanced performance. Expanding on these, the recent launch of the Cuckoo 3.0 chip marks a significant leap in performance and energy efficiency, achieving substantial improvements in single-core computing power and energy consumption.
Nano Labs serves a broad range of industries, including blockchain and Web3.0. The company's advanced chips are pivotal in the technology landscape, offering integrated solutions that combine the best features of HTC and HPC. Noteworthy achievements include the development of one of the first near-memory HTC chips in the market, with the Cuckoo series boasting a maximum bandwidth of approximately 2.27 Tbps.
Financially, Nano Labs has a strong presence in the Chinese market, contributing a major portion of its revenue. Recent corporate actions include a registered direct offering and private placement aimed at raising approximately $5 million, demonstrating investor confidence and the company's robust financial strategies. Additionally, the company has taken strategic steps to comply with Nasdaq listing rules, ensuring its strong market presence.
However, the company also faces challenges. In May 2024, Nano Labs received notifications from Nasdaq regarding non-compliance with certain listing criteria, including maintaining a minimum market value of listed securities and a minimum bid price per share. The company is actively working on strategies to regain compliance and secure its listing status.
Leadership at Nano Labs is optimistic about the company's future. Recent insider purchases by the company's chairman and CEO, Mr. Jianping Kong, signal strong internal confidence in the company’s long-term prospects. These actions, along with ongoing product innovations and strategic financial maneuvers, position Nano Labs as a significant player in the IC design and technology solutions sector.
For more information, please visit the Company's website at: https://ir.nano.cn/.
Nano Labs (Nasdaq: NA) has successfully closed its previously announced private placement, raising US$36.25 million through the sale of 5,611,459 Class A ordinary shares at US$6.46 per share. The aggregate purchase price was paid using a combination of U.S. dollars, Bitcoin, and USDT. The transaction was conducted as an unregistered offering under Section 5 of the Securities Act.
Nano Labs (Nasdaq: NA) announced its investment in approximately 55.6 Bitcoins through Hashkey, a licensed Hong Kong virtual asset trading platform. The investment is valued at about $5.5 million, with an average purchase price of $99,400 per BTC including transaction fees.
The company views this as a strategic investment to diversify its asset allocation while exploring blockchain technology applications in high-performance computing and distributed storage solutions. Additionally, Nano Labs has secured a share subscription agreement with investors including FENBUSHI US, Longling Capital, and Golden Forest.
Nano Labs (Nasdaq: NA) has announced a private placement agreement to sell 5,611,459 Class A ordinary shares to certain investors. The purchase price is set at US$6.46 per share, based on the average closing price of the previous 60 trading days. The total transaction value is approximately US$36.25 million, which will be paid in a combination of U.S. dollars, Bitcoin, and USDT.
The transaction is structured as an unregistered sale of equity securities, exempt from Section 5 of the Securities Act registration requirements. The closing is expected within 10 business days, subject to standard closing conditions.
Nano Labs (Nasdaq: NA) has announced a strategic partnership with HashKey Group to enhance their presence in the Web3 and blockchain ecosystem. Through this agreement, a Nano Labs subsidiary will establish a trading account on HashKey Exchange, a licensed virtual asset trading platform in Hong Kong, to invest in virtual assets and diversify its digital currency portfolio.
The collaboration aims to extend beyond digital asset trading to include Web3 technology development and blockchain ecosystem construction. Both companies' representatives expressed optimism about the partnership's potential to create value and accelerate Web3 industry development, particularly in light of favorable market trends and increasing institutional adoption of Bitcoin.
Nano Labs (Nasdaq: NA) has announced plans to purchase and hold $50 million worth of Bitcoin (BTC) over the next five years. The company, a leading fabless integrated circuit design firm in China, views this investment as a strategic move reflecting its confidence in BTC as a long-term store of value and fundamental asset in the Web 3.0 ecosystem. Nano Labs currently offers B series products for BTC mining and V series for ETC mining. The company notes that the purchase plan may be modified, suspended, or abandoned based on market conditions, regulatory changes, financial position, and other business factors.
Nano Labs has launched its second-generation V Series products, powered by Cuckoo 3.0 chips. The new V2, V2H, and V2X models demonstrate significant improvements, with V2H and V2X delivering nearly four times the computing power of their first-generation counterparts. The series features upgraded hardware configurations, enhanced heat dissipation systems, and improved temperature resistance.
The company's journey in crypto mining solutions began in 2022 with the B1L product featuring Darkbird 1.0 chip for BTC mining, followed by the first-generation V1 Series with Cuckoo 2.0 chip for ETH mining.
Nano Labs has successfully regained compliance with Nasdaq's minimum bid price requirement. The company received a notification letter from Nasdaq on November 18, 2024, confirming that its Class A ordinary shares maintained a closing bid price of $1.00 or higher for 10 consecutive business days from November 4 through November 15, 2024. This resolves the non-compliance notice issued on May 23, 2024, when the company failed to maintain the minimum required bid price.
Nano Labs (Nasdaq: NA) has announced plans to allocate part of its excess liquidity to Bitcoin as a long-term strategic reserve asset. The company's decision is based on Bitcoin's position as a reliable store of value and its increasing global adoption. The initiative aims to diversify the company's portfolio and enhance resilience against market fluctuations, while aligning with evolving global economic dynamics.
Nano Labs (Nasdaq: NA), a Chinese fabless integrated circuit design company, announced the establishment of a Coinbase account to begin accepting Bitcoin payments for its products. This strategic initiative aims to enhance global transaction capabilities and provide greater payment flexibility to clients and partners. The move responds to increasing demand for digital currency transactions in the technology sector and positions the company to attract partners who prefer cryptocurrency-based transactions.
Nano Labs (Nasdaq: NA) has announced the results of its Annual General Meeting (AGM) held on October 23, 2024. Shareholders approved three key resolutions: a 10-to-1 share consolidation effective November 3, 2024, at 5 P.M. Eastern time, with market effectiveness on November 4, 2024; the adoption of new memorandum and articles of association reflecting the share consolidation; and the appointment of MaloneBailey, LLP as the independent auditor for fiscal year 2024.
Following the consolidation, the company's authorized capital will be US$50,000, divided into 25 million ordinary shares with a par value of US$0.002 each, including 12.14 million Class A shares, 2.86 million Class B shares, and 10 million shares as determined by the board.
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