Canaan announced on November 19, 2024, the execution of a securities purchase agreement with an institutional investor to issue up to 30,000 Series A-1 Preferred Shares at US$1,000 per share, potentially raising US$30 million. The proceeds will be specifically allocated for manufacturing and investing in digital mining sites and equipment for deployment or sale in North America.This new agreement follows the completion of a previous financing round on September 30, 2024, where Canaan closed the third and final tranche of Series A Convertible Preferred Shares, which had authorized the issuance of up to 125,000 shares. The closing of the Series A-1 Preferred Shares sale is subject to customary closing conditions.The agreement includes standard representations, warranties, and indemnification obligations. The Series A-1 Preferred Shares have been established through a certificate of designations defining their rights and preferences, with a par value of US$0.00000005 per share.

Canaan announced on November 19, 2024, the execution of a securities purchase agreement with an institutional investor to issue up to 30,000 Series A-1 Preferred Shares at US$1,000 per share, potentially raising US$30 million. The proceeds will be specifically allocated for manufacturing and investing in digital mining sites and equipment for deployment or sale in North America.This new agreement follows the completion of a previous financing round on September 30, 2024, where Canaan closed the third and final tranche of Series A Convertible Preferred Shares, which had authorized the issuance of up to 125,000 shares. The closing of the Series A-1 Preferred Shares sale is subject to customary closing conditions.The agreement includes standard representations, warranties, and indemnification obligations. The Series A-1 Preferred Shares have been established through a certificate of designations defining their rights and preferences, with a par value of US$0.00000005 per share.