Mining Equipment Manufacturer Canaan Raises $50 Million in Preferred Stock Financing
Cryptocurrency mining equipment manufacturer Canaan has raised more than $50 million through preferred equity financing to strengthen its research and development capabilities and scale up production.
Nasdaq listed company has been made public. filing This week, it raised capital from institutional investors by issuing and selling up to 125,000 shares of Series A convertible preferred stock. The company did not reveal the name of the investor.
“The company plans to use the net proceeds from the sale of the securities for research and development, expansion of production scale, and other general corporate purposes,” Canaan said in the filing.
Canaan shares closed at $1.45 on Thursday, down 6.45%. Since the beginning of this month, the stock price has fallen 32.87%.
In the third quarter of last year, the mining equipment manufacturer reported a net loss of $80.1 million compared to net income of $6.3 million in the same period in 2022. report showed it
Canaan earlier this month presentation Secured follow-on purchase orders for more than 17,000 Bitcoin mining machines from Cipher Mining Inc. and Stronghold Digital Mining Inc. Both companies are listed on Nasdaq.
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