CANAAN ANNOUNCES US$72,000,000 REGISTERED DIRECT OFFERING OF AMERICAN DEPOSITARY SHARES

Rhea-AI Summary

Canaan (Nasdaq: CAN) announced a registered direct offering of ADSs to raise approximately US$72,000,000. The company agreed to issue 63,660,477 ADSs at US$1.131 per ADS, with each ADS representing 15 Class A ordinary shares. Closings are anticipated on November 6, 2025, subject to customary conditions. Net proceeds are intended for data center acquisitions and development in North America, expansion of Bitcoin mining machine production capacity, R&D, and general corporate purposes. The offering will be completed under an effective Form F-3 shelf (File No. 333-285125) and a prospectus supplement will be filed with the SEC.

Positive

• Registered direct offering sized at approximately US$72M
• Proceeds earmarked for data center acquisition and development
• Funding planned to expand Bitcoin mining machine production capacity

Negative

• Issuance of 63,660,477 ADSs could materially dilute existing shareholders
• Each ADS represents 15 Class A shares, increasing outstanding share count substantially
• Transaction closing is subject to customary conditions, not guaranteed by Nov 6, 2025

Insights

Capital Markets Strategist

Canaan is raising US$72,000,000 via a registered direct ADS offering to fund mining and data‑center expansion.

Canaan will issue 63,660,477 ADSs at US$1.131 per ADS, with expected closings on Nov 6, 2025. The structure uses an effective Form F-3 shelf and customary purchase agreements, so this is a standard equity capital raise that increases shares outstanding and supplies near‑term liquidity.

Primary dependencies and risks include dilution to existing ADS holders from the issuance and the company\'s stated use of proceeds for capital-intensive activities (data center sites and mining machine capacity). The impact depends on execution of those projects and the timing of capital deployment; these factors are not quantified here.

Concrete items to watch in the short term are the actual closing on Nov 6, 2025, the Form 6-K and prospectus supplement showing fees, exact net proceeds, and any registration-related conditions; medium-term items include disclosures of capital allocation and progress on data center and production expansion over the next 6–12 months.

SINGAPORE, Nov. 4, 2025 /PRNewswire/ -- Canaan Inc. (Nasdaq: CAN) ("Canaan" or the "Company"), an innovator in crypto mining, today announced that it has entered into securities purchase agreements with certain investors (the "Securities Purchase Agreements") for the issuance and sale by the Company of an aggregate of 63,660,477 American depositary shares ("ADSs"), each representing 15 Class A ordinary shares of the Company, at a purchase price of US$1.131 per ADS, in a registered direct offering.

Each Securities Purchase Agreement contains representations, warranties and other provisions customary for transactions of this nature. Subject to the satisfaction of customary closing conditions, the Company currently anticipates that the closings of the transactions contemplated by the Securities Purchase Agreement will take place on November 6, 2025. Canaan intends to use the net proceeds from this offering for [the acquisition and development of data center sites and facilities in North America, expansion of Bitcoin mining machine production capacity to support deployment of digital mining sites and sales of Bitcoin mining machines, research and development, and other general corporate purposes. Additional information regarding this offering and the Securities Purchase Agreement will be included in a Form 6-K to be filed by Canaan with the U.S. Securities and Exchange Commission (the "SEC").

The securities described above will be offered by the Company pursuant to an effective shelf registration statement on Form F-3 (File No. 333-285125) previously filed with the SEC, which became effective on February 21, 2025. The securities may be offered only by means of a written prospectus and prospectus supplement that form a part of the registration statement. The prospectus supplement and accompanying prospectus contain important information relating to the ADS offering. The prospectus supplement will be filed with the SEC and will be made available on the SEC's website at http://www.sec.gov, or may be obtained, when available, by contacting us 28 Ayer Rajah Crescent, #06-08, Singapore 139959, or by email at IR@canaan-creative.com. 

This press release shall not constitute an offer to sell nor the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the 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, Canaan's founding team shipped to its customers the world's first batch of mining machines incorporating ASIC technology 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 "aim," "anticipate," "believe," "estimate," "expect," "hope," "going forward," "intend," "ought to," "plan," "project," "potential," "seek," "may," "might," "can," "could," "will," "would," "shall," "should," "is likely to" and the negative form of these words and other similar expressions. Among other things, statements that are not historical facts, including statements about the Company's beliefs and expectations are or contain 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. All information provided in this press release is as of the date of this press release and is based on assumptions that the Company believes to be reasonable as of this date, and the Company does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

Investor Relations Contact

Canaan Inc.
Xi Zhang
Email: IR@canaan-creative.com 

Christensen Advisory
Christian Arnell
Email: canaan@christensencomms.com 

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SOURCE Canaan Inc.

FAQ

How much is Canaan (CAN) raising in the November 2025 registered direct offering?

Canaan is raising approximately US$72,000,000 through the registered direct offering.

How many ADSs will Canaan (CAN) issue and at what price per ADS?

Canaan will issue 63,660,477 ADSs at a purchase price of US$1.131 per ADS.

What does each ADS represent in Canaan (CAN)'s November 2025 offering?

Each ADS represents 15 Class A ordinary shares of Canaan.

When is the Canaan (CAN) offering expected to close?

Closings are currently anticipated to occur on November 6, 2025, subject to customary conditions.

What will Canaan (CAN) use the net proceeds for from the offering?

Proceeds are intended for North America data center acquisition and development, mining machine capacity expansion, R&D, and general corporate purposes.