Canaan Enters Securities Purchase Agreement With Institutional Investor - Quick Facts

(RTTNews) - Canaan Inc. (CAN) said it has entered into a securities purchase agreement with an institutional investor, pursuant to which the company shall issue and sell to the buyer up to 30,000 Series A-1 Preferred Shares at the price of $1,000.00 for each Series A-1 Preferred Share.

The company agreed that the proceeds from the sale of the Series A-1 Preferred Shares will be used by the company and/or its subsidiaries to manufacture or invest in digital mining sites and equipment to be deployed or sold in North America, including any acquisition or disposition of assets from or between subsidiaries.