Canaan Inc. (CAN) Repurchases 4.72M Warrants

Canaan Inc. (NASDAQ: CAN) is pleased to announce that it has entered into agreements with certain warrant holders (the "Warrant Holders") to repurchase over 4.72 million outstanding warrants ("Warrants") of the Company for an aggregate purchase price of approximately US$6.61 million. The Warrants were issued by the Company in May 2021 pursuant to (i) certain Securities Purchase Agreement (the "SPA") between the Company and the purchasers party thereto, dated April 29, 2021, and (ii) certain placement agent agreement between the Company and the placement agents thereto, dated April 29, 2021.

Simultaneously, the parties amended the terms of the SPA in a manner that is expected to provide the Company with more flexibility with respect to future issuances of ADSs, Ordinary Shares or Ordinary Share Equivalents, as defined in the SPA.

The Company would like to extend sincere appreciation to warrant investors for their great support in the Company's development. The completion of the warrant repurchase transaction will eliminate all outstanding warrants and streamline the capital structure of the Company, which enables the Company more financing flexibility in the capital markets.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

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