CANAAN ANNOUNCES US$72,000,000 REGISTERED DIRECT OFFERING OF AMERICAN DEPOSITARY SHARES

Core Viewpoint - Canaan Inc. has entered into securities purchase agreements for the issuance of 63,660,477 American depositary shares (ADSs) at a price of US$1.131 per ADS, aiming to raise funds for various corporate purposes including data center development and Bitcoin mining machine production [1][2]. Group 1: Securities Offering - The company plans to close the transactions on November 6, 2025, subject to customary closing conditions [2]. - The net proceeds from the offering will be used for the acquisition and development of data center sites in North America, expanding Bitcoin mining machine production capacity, and general corporate purposes [2]. Group 2: Regulatory Compliance - The securities will be offered under an effective shelf registration statement on Form F-3, which became effective on February 21, 2025 [3]. - A prospectus supplement will be filed with the SEC, containing important information regarding the ADS offering [3]. Group 3: Company Background - Canaan Inc., established in 2013, specializes in ASIC high-performance computing chip design and production, and was the first to ship mining machines using ASIC technology under the Avalon brand [4]. - The company went public on the Nasdaq Global Market in 2019 [4].