Canaan(CAN) Prnewswire·2025-03-10 20:15Core Viewpoint - Canaan Inc. has entered into a Securities Purchase Agreement with an institutional investor, allowing the company to raise up to US100 million already completed [1][2]. Financing Details - The financing will support the company's growth activities, including research and development, production scale expansion, and investment in digital mining sites and equipment in North America [2]. - The second tranche of US100 million is expected to close soon, subject to certain terms and conditions [1]. Company Outlook - The CEO of Canaan expressed gratitude for the investor's support, indicating confidence in the company's strategy and the future of Bitcoin [3]. - Canaan reported preliminary unaudited financial results for Q4 2024, with expected revenue exceeding guidance and a narrowed gross loss [3]. - The company aims to achieve a self-mining capacity of 10 EH/s in North America by mid-2025, driven by high demand for its products and strong R&D capabilities [3]. Stock Valuation and Strategy - The CEO noted that the company's stock price is considered undervalued, and the US200 million transaction is viewed as a strategic alternative to the existing at-the-market fundraising program [4]. - The average selling price in the ATM program has been maintained above US$2 [4]. Company Background - Canaan Inc. was established in 2013 and focuses on ASIC high-performance computing chip design and production, having shipped the first batch of ASIC mining machines in Bitcoin's history [7]. - The company went public on the Nasdaq Global Market in 2019 [7].