Canaan secures $50m in series A preferred shares sale
Crypto mining rig manufacturer Canaan has obtained over $50m from preferred share financing to boost research and development and expand its production scale. In a recent filing, The Nasdaq-listed firm announced that it generated the capital by issuing and selling up to 125,000 series A convertible preferred shares to an institutional investor whose identity was not revealed. Canaan plans to allocate the net proceeds towards enhancing its research and development activities, scaling up production, and covering general corporate expenses. The company, known for its ticker symbol “CAN,” made its debut on the Nasdaq Global Market in 2019 through an initial public offering (IPO). The IPO, held on Nov. 21, 2019, helped Canaan raise $90 million. However, since its market entry, the value of CAN’s shares has plummeted by 88%, with a 41% decrease recorded in the current year. You might also like: Bitcoin mining stocks rise as S&P 500 and Dow Jones hit all...