SINGAPORE, April 22,
2024 /PRNewswire/ -- Canaan Inc. (NASDAQ: CAN)
("Canaan" or the "Company"), a leading
high-performance computing solutions provider, today announced that
Mr. Nangeng Zhang, Chairman and Chief Executive Officer of Canaan,
and Mr. James Jin Cheng, Chief
Financial Officer of Canaan, informed the Company their intention
to use their personal funds to jointly purchase no less than
US$2 million of the Company's
Class A ordinary shares represented by American depositary
shares ("ADSs"), each ADS representing 15 of the Company's
Class A ordinary shares, subject to the Company's insider
trading policy and in compliance with legal guidelines.
"We believe that the Company is deeply undervalued, providing a
rare investment opportunity for us to pursue," said Mr. Nangeng
Zhang. "The Company is making good progress in streamlining the
manufacturing of A14 series mining machines that were previously
ordered under contract sales, including bulk orders from public
company customers. Additionally, we are eager to see the testing
result of the next generation A15 series units, and we are also
developing the A16 series in the R&D pipeline. Following our
usual practice, we will announce their performance once the machine
testing is complete. Now that the fourth bitcoin
halving occurred on Friday, we expect many more opportunities will
emerge in the bitcoin ecosystem."
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, under the
leadership of Mr. Nangeng Zhang, founder and CEO, 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 announcement 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, the business outlook and quotations from
management in this announcement, as well as Canaan
Inc.'s strategic and operational plans, 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
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SOURCE Canaan Inc.