Canaan Inc. Announces Share Purchases by Chief Executive Officer and Chief Financial Officer

Rhea-AI Summary

Canaan Inc. (NASDAQ: CAN), a crypto mining innovator, announced significant insider buying activity from its top executives. Chairman and CEO Nangeng Zhang, along with CFO James Jin Cheng, collectively purchased 817,268 American Depositary Shares (ADSs) at an average price of $0.76 per ADS in the open market. The transactions were conducted in compliance with the company's internal trading policies and applicable regulations. Zhang emphasized that the share purchases reflect their strong confidence in Canaan's future prospects and their belief that the current stock price significantly undervalues the company's potential.

Positive

• Significant insider buying demonstrates management's confidence in company's future
• CEO and CFO invested approximately $621,124 of their own money in company stock
• Management believes the stock is currently undervalued relative to future potential

Negative

• Current low stock price of $0.76 per ADS indicates significant market skepticism
• Share price decline suggests company may be facing challenging market conditions

SINGAPORE, June 9, 2025 /PRNewswire/ -- Canaan Inc. (NASDAQ: CAN) ("Canaan" or the "Company"), an innovator in crypto mining, today announced that its chairman and chief executive officer, Nangeng Zhang, and its chief financial officer, James Jin Cheng, had purchased additional shares of the Company's stock in the open market. Such transactions complied with the Company's internal trading policy as well as relevant laws and regulations.

Mr. Zhang and Mr. Cheng together acquired an aggregate of 817,268 American Depositary Shares ("ADSs") at an average price of US$0.76 per ADS. These purchases demonstrate their continued confidence in the Company's long-term prospects.

"My share purchase underscores my belief in Canaan's vision and the tremendous opportunities ahead," said Nangeng Zhang, chairman and chief executive officer of Canaan. "Both James and I believe there is a significant disconnect between our current ADS price and the value we believe we can deliver in the coming years."

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 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 press release 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, such as expectations with regard to revenue or mining hash rate deployment, 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, the ability of the company to execute against its goals, 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; changing macroeconomic and geopolitical conditions, including evolving international trade policies and the implementation of increased tariffs, import restrictions, and retaliatory trade actions; 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.

Investor Relations Contact

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

ICR, LLC.
Robin Yang
Tel: +1 (347) 396-3281
Email: canaan.ir@icrinc.com

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SOURCE Canaan Inc.

FAQ

How many shares did Canaan's CEO and CFO purchase in June 2025?

Canaan's CEO Nangeng Zhang and CFO James Jin Cheng together purchased 817,268 American Depositary Shares (ADSs)

What was the purchase price for CAN stock by insiders in June 2025?

The executives purchased the shares at an average price of $0.76 per ADS

Why did Canaan's executives buy company shares in June 2025?

The executives believe there is a significant disconnect between the current stock price and the value they expect to deliver in coming years

What is the total value of insider purchases at Canaan (CAN) in June 2025?

The total value of the purchases was approximately $621,124 (817,268 ADSs × $0.76 per ADS)

Are Canaan's insider stock purchases compliant with regulations?

Yes, the transactions complied with both the company's internal trading policy and relevant laws and regulations