According to reports, Canaan Technology has completed its third issuance of preferred shares, raising an additional $50 million to fund its self-operated mining expansion and mining machine manufacturing business in North America. On Monday, Canaan Technology announced the issuance of 50,000 Class A preferred shares at a price of $1,000 per share. These shares can be converted into Class A common stock six months later and subsequently into American Depositary Shares (ADS) on NASDAQ. This issuance is the third part of the securities purchase agreement signed by Canaan Technology in November 2023 with an unnamed institutional investor, aimed at raising a total of up to $125 million in three phases. Canaan Technology raised $25 million in the first tranche and $5 million in the second tranche in December and February, respectively.

Wu learned that Canaan Technology has completed its third issuance of preferred shares, raising an additional 50 million USD to fund its self-operated mining expansion and mining machine manufacturing business in North America. On Monday, Canaan Technology announced the issuance of 50,000 shares of Series A preferred stock at a price of 1,000 USD per share. These shares can be converted into Series A common stock after six months, and subsequently into American Depositary Shares (ADS) on NASDAQ. This issuance is the third part of a securities purchase agreement signed by Canaan Technology with an unnamed institutional investor in November 2023, aiming to raise up to 125 million USD in three phases. Canaan Technology raised the first tranche of 25 million USD in December and the second tranche of 5 million USD in February.

Canaan Technology raised 50 million dollars in the third batch of preferred stock issuance.