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CAN - Canaan Inc News Story

$2.35 -0.0  -1.3%

Last Trade - 8:32pm

Sector
Technology
Size
Small Cap
Market Cap £329.1m
Enterprise Value £301.8m
Revenue £158.8m
Position in Universe 3089th / 6393

BUZZ-Canaan Inc: See-saws on Nasdaq debut

Thu 21st November, 2019 6:13pm
** Shares of Chinese bitcoin mining gear maker  CAN.O  jump
40% on their debut on the Nasdaq before reversing course
    ** Shares open at $12.60, representing market cap of ~$2
bln, vs IPO price of $9/shr
    ** Stock now trading down ~5.4% at $8.5
    ** Co raised $90 mln by selling 10 mln American depository
shares (ADS) at $9, the low-end of the $9-$11 range it had
marketed  urn:newsml:reuters.com:*:nPncbP9D5a
    ** Co intends to use the proceeds towards research and
development of algorithms for its bitcoin mining equipment
    ** Citigroup, China Renaissance, CMBI acting as book-running
managers for the offering; they have access to an additional 1.5
mln ADS

 (Reporting by Bharath Manjesh in Bengaluru)
 ((Bharath.ManjeshR@thomsonreuters.com;  outside U.S. +91 80
6749 8400;))
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