BTC Miner Manufacturer Canaan To Sell Class A Ordinary Shares ADSs

BTC Miner Manufacturer Canaan To Sell Class A Ordinary Shares ADSs

BTC Miner Manufacturer Canaan To Sell Class A Ordinary Shares ADSs By CoinEdition

Breaking News

‘;

Cryptocurrency 9 minutes ago (Nov 26, 2022 03:30AM ET)

(C) Reuters BTC Miner Manufacturer Canaan To Sell Class A Ordinary Shares ADSs

Canaan to sell Class A ordinary shares with an offering price of up to $750 million.The Bitcoin mining manufacturer will most likely issue 436,105,757 ADSs for R&D, production, etc.Canaan’s CFO expects Bitcoin’s value to fall and will focus on cash flow currently.

China-based Blockchain servers and ASIC microprocessors manufacturing company, Canaan released a statement on November 26, revealing that it will offer and sell ADSs representing their Class A ordinary shares having an aggregate offering price of up to US$750,000,000.

The publication states that Canaan has entered into an At The Market Offering Agreement, as amended, or the sales agreement, with H.C. Wainwright & Co., LLC, or Wainwright or the Sales Agent, amended on November 23, 2022.

It continues that Canaan will sell their American depositary shares or the ADSs, each one representing 15 of their Class A ordinary shares, par value US$0.00000005 per share. It also shared that it will offer and sell ADSs representing its 6,400,563,270 Class A ordinary shares having an aggregate offering price of up to US$750,000,000, issued for research and development, expansion of production scale, and other purposes.

The statement also confirms that neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities

Moreover, the offering clarifies that 436,105,757 ADSs will remain outstanding immediately after the offering, assuming the sale of ADSs in the aggregate amount of US$750,000,000 at an assumed offering price of US$2.70 per ADS, which was the closing price on the NASDAQ Global Market on November 23, 2022.

Meanwhile, Canaan’s Chief Finance Officer, James Cheng had previously mentioned that they anticipate Bitcoin to fall, energy prices to rise, and mining companies’ cash pressures to increase. With deteriorating market conditions in the next two quarters, Canaan said it will focus on securing cash flow.

The post BTC Miner Manufacturer Canaan To Sell Class A Ordinary Shares ADSs appeared first on Coin Edition.

See original on CoinEdition

BTC Miner Manufacturer Canaan To Sell Class A Ordinary Shares ADSs

StarkNet makes Cairo 1.0 open source in first step toward community controlBy Cointelegraph – Nov 26, 2022

Zero-knowledge (ZK)-Rollup tech company StarkWare has officially open-sourced its new programming language compiler, Cairo 1.0, which will soon be supported on Ethereum layer-2…

CoinList addresses ‘FUD’ on withdrawals, cites technical issues for delaysBy Cointelegraph – Nov 26, 2022

Cryptocurrency exchange and initial coin offering (ICO) platform CoinList took to Twitter to address “FUD” after a blogger tweeted that users reported being unable to…

Independent research verifies GBTC’s 633K Bitcoin: So why won’t Grayscale?By Cointelegraph – Nov 26, 2022

With digital asset management firm Grayscale refusing to provide proof of reserves for its Grayscale Bitcoin Trust (GBTC), an independent analyst has spent days combing through the…

Our Apps



Terms And Conditions
Privacy Policy
Risk Warning

(C) 2007-2022 Fusion Media Limited. All Rights Reserved.

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.