Canaan (CAN) Makes Statement Regarding Shelf Registration Submission

Canaan Inc. (NASDAQ: CAN) ("Canaan" or the "Company"), a leading high-performance computing solutions provider, today announced that it has filed a universal shelf registration statement on Form F-3 (File No. 333-278762) with the United States Securities and Exchange Commission (the "SEC") on April 17, 2024.

The Company believes it is prudent to file the shelf registration statement as a matter of standard corporate procedure and to streamline any response to future strategic needs. The Company is not required to offer or sell securities under the shelf registration statement.

The registration statement has been filed with the SEC but has not yet become effective. The securities covered by the registration may not be sold, nor may offer to buy the securities be accepted prior to the effectiveness of the registration statement. The terms of any such offerings under the registration statement will be established at the time of such offering, will be subject to market conditions, and will be described in detail in a supplement to the prospectus filed with the SEC relating to such offering.

The Company's operations are stable as it continues to support the overall ecosystem and miner partners worldwide with computing power and superior mining solutions. For details of the Company's current operations, please refer to the Company's annual report on Form 20-F for the fiscal year ended December 31, 2023 filed with the SEC on April 17, 2024.

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

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