Avalon Mining Rig Maker Canaan Files for $400M IPO on Nasdaq

Avalon Mining Rig Maker Canaan Files for $400M IPO on Nasdaq
фото показано с : news.bitcoin.com

2019-10-30 04:30

Mining rig manufacturer Canaan has filed for an IPO with the U.S. Securities and Exchange Commission to raise $400 million on the Nasdaq Global Market. Prior to this filing, the company had also attempted to go public in Hong Kong and China. Credit Suisse and Citigroup are among its underwriters.

Also read: 4 New High-Powered Bitcoin Miners Revealed

Canaan Files for US IPO

Canaan Inc., a holding company that owns China-based Canaan Creative, filed a registration statement with the U.S. Securities and Exchange Commission (SEC) on Oct. 28 for an initial public offering (IPO). “We are offering American depositary shares, or ADSs. Each ADS represents Class A ordinary shares, par value US$0.00000005 per share,” the filing details. The company hopes to raise $400 million.

The underwriters named in the filing for the IPO are Credit Suisse, Citigroup, China Renaissance, CMBI, Galaxy Digital Advisors, Huatai Securities, and Tiger Brokers. The company plans to apply to list its ADSs on the Nasdaq Global Market under the symbol CAN. Canaan also told the SEC that, based on a report by independent research firm Frost & Sullivan which it paid for:

We were the second largest designer and manufacturer of bitcoin mining machines globally in terms of computing power sold in the six months ended June 30, 2019.

The company plans to use the proceeds to research and develop ASICs related to AI and blockchain algorithms and applications, expand its AI and blockchain business globally, optimize supply chains, and repay debts.

Canaan’s corporate structure: Source: SEC filing

Canaan attempted an IPO in Hong Kong last year but let the application lapse in November. The South China Morning Post reported that Hong Kong regulators said IPOs by cryptocurrency businesses are “premature.” The company also attempted to go public in China three years ago through a reverse merger by buying a Shandong-based electric equipment maker, but that plan also fell through.

Canaan’s Nasdaq IPO filing comes only days after Chinese President Xi Jinping commented on the development of blockchain technology in China which sent shares of blockchain and digital currency-related firms soaring. Some even speculated that Xi’s speech caused the recent hike in prices of bitcoin and other cryptocurrencies.

About Canaan and Avalonminers

Founded in 2013, Canaan provides “supercomputing solutions through our proprietary high-performance computing ASICs,” its registration statement reads. The company currently sells bitcoin mining machines under the Avalonminer brand and mining machine parts. In July, the company started leasing its mining machines.

The company’s total revenue was $394.1 million in 2018, a 106.8% increase year-on-year, but its net income fell 67.4% last year to $17.8 million. For the six months period ending June 30, the total revenue fell 85.2% compared to the same period last year to $42.1 million. The company also recorded a net loss of $48.2 million during that time period.

According to the filing, since the company has less than $1.07 million in revenue for the last fiscal year, it qualifies as an “emerging growth company” pursuant to the Jumpstart Our Business Startups Act of 2012 (the JOBS Act). “An emerging growth company may take advantage of specified reduced reporting and other requirements that are otherwise not applicable generally to public companies,” the filing details.

The company recently introduced two new lines of Avalonminers: the A1146 and the A1166. The former rig processes bitcoins’ hashes at speeds of 46-56TH/s, with a power efficiency rated at around 57J/T, and a price tag of $1,204. The latter costs $1,978 and performs at 66-68TH/s with a power efficiency of around 47J/T. Both are expected to ship in February, according to the company’s website.

What do you think about Canaan filing for an IPO in the U.S.? Do you think the company will successfully raise $400 million? Let us know in the comments section below.

Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or as a recommendation, endorsement, or sponsorship of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Images courtesy of Shutterstock and Canaan.

Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The local.Bitcoin.com marketplace has thousands of participants from all around the world trading BCH right now. And if you need a bitcoin wallet to securely store your coins, you can download one from us here.

The post Avalon Mining Rig Maker Canaan Files for $400M IPO on Nasdaq appeared first on Bitcoin News.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Speed Mining Service (SMS) на Currencies.ru

$ 1.9622 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $1.9622 - H: $1.9622
Капитализация $205.406k Rank 99999
Доступно / Всего 104.68k SMS

nasdaq ipo mining canaan rig 400m maker

nasdaq ipo → Результатов: 25


Фото:

Ebang создаст биткоин-биржу и майнинговые пулы после IPO на Nasdaq

Производитель биткоин-майнеров после проведения IPO на Nasdaq намерен расширить бизнес за счет создания криптовалютной биржи и майнинговых пулов, сообщает Cointelegraph. В компании заявили о намерении построить "глобальную экосистему блокчейна и цифровой экономики", которая включит и собственные майнинг-фермы.

2020-6-26 15:22


Новости майнинга: Джихан Ву снова возглавил Bitmain, Canaan стремится на NASDAQ

Китайский производитель оборудования для майнинга Canaan Creative подал заявку на проведение IPO в США. Согласно проспекту первичного размещения, компания хочет пройти листинг на фондовой бирже NASDAQ под тикером CAN и привлечь от инвесторов $400 млн.

2019-10-29 18:41


Майнинговая компания Canaan Creative выходит на IPO в США

Компания Canaan Creative, производитель оборудования для майнинга, намерена провести первичное публичное предложение (IPO) в США. Canaan официально подала заявку на проведение IPO, о чем говорится в заявлении, опубликованном Комиссией по ценным бумагам и биржам (SEC).

2019-10-29 12:46


Майнинговый гигант Canaan официально выходит на IPO в США. Он хочет привлечь $400 млн

Китайский производитель майнингового оборудования Canaan Creative официально подал заявку на проведение первичного публичного предложения в США. Соответствующее заявление опубликовала Комиссия по ценным бумагам и биржам (SEC).

2019-10-29 09:32


Фото:

Акции финтех-компании Oportun Financial выросли на 8% в ходе первого дня торгов

За первый день торгов на фондовой бирже NASDAQ акции финтех-компании Oportun Financial выросли на 8%. Oportun дебютировала под тикером OPRT и привлекла в ходе IPO $94 млн. Ведущими андеррайтерами стали Barclays, JPMorgan Securities и Jefferies.

2019-9-28 17:33


Фото:

Китайская финтех-компания привлекла $85 млн в ходе IPO в США

Китайская P2P-платформа 9F Group привлекла $85 млн в ходе IPO. Платформа продала 8,9 млн акций по цене $9,50 за штуку. Об этом сообщает американская фондовая биржа NASDAQ, на которой теперь торгуются акции 9F.

2019-8-16 12:38


CEO NASDAQ: Биткойн может стать глобальной валютой будущего

Адена Фридман, президент и генеральный директор американской фондовой биржи NASDAQ,  в своем профиле LinkedIn высказала мнение, что криптовалюты могут стать неотъемлемой частью будущего мировой экономики.

2019-1-24 11:58