News & Events

Simpson Thacher represented Canaan Inc. (“Canaan”) in connection with its registered direct offering of 13,492,065 American Depositary Shares (“ADS”), each ADS representing 15 Class A ordinary shares. Canaan also issued to the investors warrants (the “Warrants”) to purchase up to an aggregate of 4,047,620 ADSs, representing 60,714,300 Class A ordinary shares. The total offering size is US$170 million. The Warrants have a term of three years from the date of issuance.

Established in 2013, Canaan provides supercomputing solutions through its proprietary performance computing ASICs. Initially dedicated its research and development efforts to ASIC applications for Bitcoin mining, Canaan currently focuses on research and development of advanced technology, including such areas as AI chips, AI algorithms, AI architectures, system on a chip (SoC) integration and chip integration. The Firm represented Canaan in its Nasdaq IPO in 2019. Canaan’s ADSs are traded on the Nasdaq Global Market under the symbol “CAN.”

The Simpson Thacher team for the transaction included Yi Gao, Howie Farn, Sarah Tang and Ray Chang (Capital Markets).