On November 19, 2024, Canaan entered into a Securities Purchase Agreement to issue 30,000 Series A-1 Convertible Preferred Shares at $1,000 each, raising $30 million. The shares are convertible into Class A ordinary shares at a conversion price of the lower of $4.00 or 92.50% of the lowest daily weighted average price of ADSs over five days prior to conversion.The proceeds will be used for R&D, production expansion, and digital mining investments. The Series A-1 Preferred Shares have a liquidation preference and are not listed on any exchange. The closing date is set for November 25, 2024.Investors should review the risk factors detailed in the prospectus supplement and accompanying documents before investing.

On November 19, 2024, Canaan entered into a Securities Purchase Agreement to issue 30,000 Series A-1 Convertible Preferred Shares at $1,000 each, raising $30 million. The shares are convertible into Class A ordinary shares at a conversion price of the lower of $4.00 or 92.50% of the lowest daily weighted average price of ADSs over five days prior to conversion.The proceeds will be used for R&D, production expansion, and digital mining investments. The Series A-1 Preferred Shares have a liquidation preference and are not listed on any exchange. The closing date is set for November 25, 2024.Investors should review the risk factors detailed in the prospectus supplement and accompanying documents before investing.