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Canaan Inc. Closes Third Tranche of Preferred Shares Financing

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Plans to fund self-mining expansion and Bitcoin mining machine business in North America 

SINGAPORE, Sept. 30, 2024 /PRNewswire/ — Canaan Inc. (NASDAQ: CAN) (“Canaan” or the “Company”), a leading high-performance computing solutions provider, today announced that it has closed the third and final tranche of its previously announced preferred shares financing (the “Preferred Shares Financing”), raising additional total gross proceeds of $50 million. Pursuant to the third tranche of Preferred Shares Financing, the Company issued 50,000 Preferred Shares (the “Third Closing Shares”) at a price of US$1,000.00 per Preferred Share. Canaan agreed that the proceeds from the sale of the Third Closing Shares will be used by the Company and/or its subsidiaries to manufacture or invest in digital mining sites and equipment to be deployed or sold in North America, including any acquisition or disposition of assets from or between subsidiaries.

“We are delighted to continue our partnership with this institutional investor. We believe their continued commitment demonstrates their confidence in Canaan and the significant opportunities this collaboration offers for both parties,” said Nangeng Zhang, chairman and chief executive officer of Canaan.  “By expanding our North American self-mining activities, we expect to benefit from a more diversified revenue stream, reduced volatility, and a stable regulatory environment. This strategic initiative positions us to capitalize on the anticipated Bitcoin bull market, enhancing our ability to generate robust returns from our self-mining operations.  We also hope that working on projects that utilize the Northern American power infrastructure will expand our team’s expertise on blockchain data center operations and beyond.” 

On November 27, 2023, the Company entered into a securities purchase agreement (the “Securities Purchase Agreement”) with an institutional investor (the “Buyer”), pursuant to which the Company agreed to issue and sell to the Buyer up to 125,000 Series A Convertible Preferred Shares at the price of US$1,000.00 for each Preferred Share. On December 11, 2023, the Company closed the first tranche of the Preferred Shares Financing, raising total gross proceeds of $25 million. On January 22, 2024, the Company closed the second tranche of the Preferred Shares Financing, raising total gross proceeds of $50 million.

On September 27, 2024, the Company closed the third and final tranche of the Preferred Shares Financing under the Securities Purchase Agreement. The Third Closing Shares were sold under the amended terms of certain documents executed on September 26, 2024, namely, a global amendment (the “Global Amendment”) to the Securities Purchase Agreement as well as an amended certificate of designations (the “Certificate of Designations”) of Preferred Shares, par value US$0.00000005 per share, as adopted by the Company. The amendments to the original terms of the securities purchase agreement and certificate of designations include, among other things,

(a) while the first and second tranches of preferred shares were sold as registered securities under a registration statement of the Company, the Third Closing Shares were issued and sold as “restricted securities” under applicable U.S. federal and state securities laws, and the Buyer acknowledged that Company has no obligation to register or qualify the Third Closing Shares, or the ADSs into which they may be converted;

(b) the Third Closing Shares are convertible, after six (6) months following their issuance, into Class A Ordinary Shares that can be deposited with the Depositary for the issuance of ADSs; and

(c) so long as the Buyer holds any of the Preferred Shares or any Conversion Shares, the Buyer will limit its aggregate sales of Conversion Shares on the open market in any given calendar week to no more than 10% of the weekly trading volume of the ADSs on all trading markets for such week.

The Buyer and the Company have also made amendments to the preferred share conversion mechanism under the Certificate of Designations. First, the Fixed Conversion Price has increased. For the first and second tranches, the Fixed Conversion Price was 120% of the Weighted Average Price of the ADSs on the Trading Day immediately preceding the applicable Issuance Date of the Series A Preferred Shares being converted.  For the third tranche, the Fixed Conversion Price has been modified to $4.00. For reference, the closing trading price of the Company’s ADSs on September 27, 2024, was $1.06. Second, a 90-day average Secured Overnight Financing Rate (“SOFR”) published on the Trading Day immediately preceding the date of conversion, or a SOFR factor, has been added to the calculation of the Conversion Amount, reflecting an additional cost for the Company to use the proceeds from the sales of the Third Closing Shares until the Conversion Date. As of September 27, 2024, the 90-day average SOFR was 5.32675%.

The Securities Purchase Agreement (as amended) contains customary representations, warranties and agreements by the Company and the Buyer, and indemnification obligations of the Company against certain liabilities, including for liabilities under the Securities Act of 1933, as amended. The provisions of the Securities Purchase Agreement (as amended), including the representations and warranties contained therein, are not for the benefit of any party other than the parties to such agreement and are not intended as a document for investors and the public to obtain factual information about the current state of affairs of the Company. Rather, investors and the public should look to other disclosures contained in the Company’s filings with the SEC.

The Certificate of Designations creates the Preferred Shares and provides for the designations, preferences and relative, participating, optional or other rights, and the qualifications, limitations or restrictions thereof, of the Preferred Shares, which becomes effective upon its adoption.

The foregoing description does not purport to be complete and is qualified in its entirety by reference to the full text of the Securities Purchase Agreement, as amended, and the Certificate of Designations, as amended. The full text of the amendment to the Securities Purchase Agreement and the form of amended Certificate of Designations are to be filed as exhibits to the Company’s current report on Form 6-K dated on or around September 30, 2024. The full text of the Securities Purchase Agreement was previously filed as an exhibit to the Company’s current report on Form 6-K dated November 28, 2023. Capitalized terms used in this press release without definition shall have the meanings given to them in the Securities Purchase Agreement, the Certificate of Designations, and any amendments thereto.                                                                                                                                             

This press release is for informational purposes only and is not an offer to sell or a solicitation of an offer to buy any securities, which is made only by means of a prospectus supplement and related prospectus. There will be no sale of these securities in any jurisdiction in which such an offer, solicitation of an offer to buy or sale would be unlawful.

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, Canaan Inc.’s anticipated financing plans and its intended use of proceeds 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, 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, 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 in China; 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.
Ms. Xi Zhang
Email: IR@canaan-creative.com 

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

View original content:https://www.prnewswire.com/news-releases/canaan-inc-closes-third-tranche-of-preferred-shares-financing-302262882.html

SOURCE Canaan Inc.

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KIWI design Black Friday & Cyber Monday: 50% OFF Meta Quest 3/3S Accessories!

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LOS ANGELES, Nov. 21, 2024 /PRNewswire/ — The biggest shopping season of the year is here! KIWI design offers incredible discounts of up to 50% on Amazon and the official website. Upgrade your VR setup for the best price and dive into a more immersive VR experience!

Two Choices to Meet Every Player’s Needs: Elite & Halo Battery Head Straps

Whether you’re a hardcore gamer or a casual explorer, KIWI design has you covered with the K4 Boost Battery Head Strap and H4 Boost Halo Battery Strap. Find the perfect fit for your play style!

Industry-Leading DualFast Technology

Both straps feature KIWI design’s DualFast Technology, allowing you to charge the strap and your Meta Quest 3 or Quest 3S at the same time. Get from 0% to 100% in just 2.5 hours!

UL2056 Certified: Meets global safety standards for reliable performance.Flame-Retardant Materials: Made with UL 94 V-0 grade plastic for heat and fire resistance.Multiple Protection Mechanisms: Built-in safeguards against overcurrent and overcharging for safer and more efficient charging.

K4 Boost Battery Head Strap

Designed for Hardcore VR Players: The Top Choice for Immersive GameplayKey Features:Sturdy support to keep the headset stable during fast-paced gameplay, preventing focus loss or strap slipping.Best For: Players seeking unmatched stability and immersion.

H4 Boost Halo Battery Strap

Designed for Casual Players: The ultimate choice for comfort and ease of use.Key Features:Unique 3-point adjustable structure to evenly distribute weight, significantly reducing pressure on your face.Innovative Joeypad Design: Replaces the traditional solid structure with a unique hollow design, preventing heat buildup in the head strap, so you stay cool and comfortable even during extended use.Sleek hidden knob design for simple adjustments and a clean look.Best For: Players who prioritize comfort and convenience.

No matter your play style, KIWI design has the perfect solution for you. With cutting-edge design and advanced technology, we’re redefining what it means to have a comfortable and functional VR head strap.

V4 Ventilation Facial Interface

Stay cool while playing with over 20 L-shaped ventilation holes that ensure continuous airflow to prevent overheating and lens fogging. Plus, it blocks out light for total immersion.

G4 Pro Performance Controller Grips

Built on KIWI design’s proven stability from Quest 1 onwards, keep your controllers secure during intense VR gaming.

These accessories are the perfect addition to your VR setup, delivering top-notch performance, comfort, and reliability.

Shopping Details

Event Dates:
November 22, 2024December 2, 2024Where to Shop:AmazonKIWI design Official Website

Don’t miss out on these amazing deals this shopping season! Head over to KIWI design now to discover high-quality VR accessories designed just for players like you.

Shop Now! Upgrade your gear and step into the immersive future!

View original content to download multimedia:https://www.prnewswire.com/news-releases/kiwi-design-black-friday–cyber-monday-50-off-meta-quest-33s-accessories-302313162.html

SOURCE KIWI design

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ACEFIT PRO: Night Safety Meets Transparent Listening Experience

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SHENZHEN, China, Nov. 21, 2024 /PRNewswire/ — Emerging consumer electronics brand ACEFAST has officially launched their pre-order campaign on November 21 with their latest transparent design ultra-thin open-ear headphones, ACEFIT Pro.

The new ACEFAST open-ear headphones combine transparent design, powerful sound, and innovative smart features, offering long-lasting battery life, high comfort, and enhance night-time safety. This showcases the brand’s “New audiovisual experience” philosophy.

ACEFIT Pro: All-New Open-Ear

Continuing the classic design, the ACEFIT Pro retains the classic crystal transparent series in its open-ear headphones design. Featuring a transparent charging case and the 3D embossed numeric display on the charging box. Additionally, the charging case features a smooth, curved design with a high-level G2 curvature, creating a visually fluid and elegant look, with a thickness of only 10mm at its thinnest point, making it lighter and thinner overall.

Night Safety Mode

A key highlight of the ACEFIT Pro is the groundbreaking Night Safety Mode. Featuring a matrix of 40 breathing lights around the ear area. The soft light effect provides visual cues in the dark, increasing safety. Additionally, the exclusive app allows users to customize lighting effects, offering 8 different lighting settings for the charging case to meet individual preferences and enhance interactive experiences.

Comfort-Focused Design

The non-in-ear comfort design provides a soft, secure grip with liquid silicone, and the ear hooks are as thin as 0.7mm, made from aviation-grade titanium wire. This makes them suitable for all ear shapes, especially for those who wear glasses. The lightweight design, with each headphone weighing only 7.8g, ensures a comfortable, secure, and snug fit.

Innovative Technology

The ACEFIT Pro is packed with innovative technologies to meet users’ demands for high-quality sound, and support Hi-Res Audio. The ACEFIT Pro is features an open sound leakage prevention design and a 3 magnetic super-linear speaker, which is the first compact speaker on the market with a 0.5mm max high amplitude. The custom driver, utilizes proprietary technology to increase the effective diaphragm amplitude, delivering high volume with low distortion, resulting in clearer and fuller sound.

Additionally, AELC™ Bass enhanced technology and super-linear speaker units provide adaptive bass compensation, delivering rich sound details and deep bass, perfectly recreating the nuances of music.

Pre-Order on Kickstarter

The ACEFIT Pro is now available for pre-order, subscribe and join in our Facebook group. The first 600 backers can secure it for an exclusive discounted price of $99 (40% OFF) by paying a $9.9 deposit. After the crowdfunding campaign ends, ACEFIT Pro will be available for purchase on acefastmall.com and through retail partners such as Amazon.

About ACEFAST

Founded in 2021, ACEFAST is a global consumer electronics brand with a core team of 15 years of experience in the audio industry. The company specializes in the research, design, and sales of smart electronic products. ACEFAST’s products are sold worldwide through global e-commerce and trade channels. The brand follows the “New audiovisual experience” philosophy, striving to provide high-quality, affordable smart products to consumers worldwide through technological innovation and stylish design.

For more information, please contact:

Media Contact:
Name: Acefast PR Team
Email: pr@acefast.com
Company: Shenzhen Houshuxia Technology Co., Ltd.

View original content to download multimedia:https://www.prnewswire.com/news-releases/acefit-pro-night-safety-meets-transparent-listening-experience-302312799.html

SOURCE ACEFAST

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TELUS Mental Health Index: Mental health of workers in Australia hits four-year low, costing businesses up to 69 workdays of productivity annually per employee

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New data reveals younger workers and those without savings face the highest mental
health risks, while strong employer support can halve productivity losses

SYDNEY, Nov. 22, 2024 /PRNewswire/ — Today, TELUS Health released its TELUS Mental Health Index (“the Index”) with reports that examine the mental health of employed people in Australia, Singapore, New Zealand, the United Kingdom, the United States, Canada and Europe. The Australian report reveals that the mental health of workers in Australia has hit a four-year low, costing businesses up to 69 workdays of productivity annually per employee. The Index also found that younger workers and those without savings face the highest mental health risks, while strong employer support can halve productivity losses.

“With mental health scores at an all-time low nationwide, it’s essential to understand the significant impact on productivity. A workforce that isn’t thriving can’t drive a business to its full potential,” said Paula Allen, Global Leader, Research & Client Insights, TELUS Health. “We know that mental health and wellbeing can improve or decline over time, and that the support available makes a big difference in improvement. As employees increasingly look to their employers for comprehensive support—whether financial, physical, or mental—all of which are essential to their overall wellbeing- the opportunity for employers to make a meaningful impact with the services they offer, increases.”

The TELUS Mental Health Index also found:

Anxiety and isolation are the biggest mental health challenges for workers in Australia.Workers in Public Administration (68.4), Wholesale Trade (66.5) and Technology (65.2) have the highest mental health scores compared to other sectors. Younger workers (under 40) are more than twice as likely as workers over 50 to report being diagnosed with anxiety and depression.Workers without emergency savings are three times more likely to be diagnosed with anxiety and depression, with mental health scores 30 points lower than those with savings.Workers rating their employer’s physical wellbeing support as excellent have better mental health and lose fewer workdays compared to those rating it poorly.

“The mental health challenges facing workers in Australia, particularly among younger employees and those without financial safety nets, are concerning. It’s clear that isolation, anxiety and economic pressures are taking a toll,” said Jamie MacLennan, Senior Vice-president and Managing Director of APAC, TELUS Health. “However, our findings also reveal a significant opportunity for employers. By investing in robust programs addressing physical, mental as well as financial wellbeing, and fostering a supportive work environment, businesses can not only improve their employees’ mental health but also substantially boost productivity and overall organisational performance.”

In September 2024, the mental health scores of workers in various regions were:

Australia: 61.1New Zealand: 59.7Singapore: 61.6United Kingdom: 70.6Europe: 61.6United States: 70.6Canada: 64.4

The TELUS Mental Health Index is based on a response scoring system that then turns individual responses into point values. Higher point values are associated with better mental health and less mental health risk. Scores between 0 to 49 correspond with distress levels, scores between 50 to 79 correspond with strain levels and scores between 80 to 100 correspond with optimal levels of mental health.

This TELUS Mental Health Index includes additional findings on physical health, diet and experiences with the healthcare system. As a company rooted in social purpose, TELUS Health is committed to improving health outcomes and sharing valuable insights. Read the full Australian TELUS Mental Health Index here.

Note to Editors
For further information on the TELUS Mental Health Index, or to find out more about the methodology, please refer to the MHI Australia update.

About the TELUS Mental Health Index
The data for the TELUS Health Mental Health Index was collected through an online survey from September 17 to September 30, 2024 with 1,000 respondents. All respondents reside in Australia and were employed within the last six months. The data has been statistically weighted to ensure the regional and gender composition of the sample reflects this population.

About TELUS Health
TELUS Health is on a mission to become the most trusted wellbeing company in the world by enhancing the overall efficiency of healthcare and championing workplace wellbeing. By integrating advanced healthcare technology with comprehensive employee support services, TELUS Health provides a holistic approach to primary and preventive health and wellbeing for over 76 million people across 160 countries. Our innovative digital health platforms, including electronic medical records (EMRs) and virtual care solutions, empower healthcare professionals, employers and governments to deliver personalised care efficiently. Our employee wellbeing programs empower individuals by offering extensive support through Employee Assistance Programs (EAPs), mental health resources, financial counselling, and workplace wellness initiatives. At TELUS Health, we are committed to revolutionising healthcare to ensure people receive the support they need and employees thrive both personally and professionally. Together, let’s make the future friendly. For more information, visit: www.telushealth.com.

Media Contact:
The PR Group
telushealth@prgroup.com.au 

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View original content:https://www.prnewswire.com/apac/news-releases/telus-mental-health-index-mental-health-of-workers-in-australia-hits-four-year-low-costing-businesses-up-to-69-workdays-of-productivity-annually-per-employee-302312894.html

SOURCE TELUS Health; TELUS Communications Inc.

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