Freshfields advises on the US IPO and Nasdaq listing of Canaan Inc.
Freshfields Bruckhaus Deringer (‘Freshfields’) has advised the underwriters led by Citigroup in the US SEC-registered global offering and listing of 10,000,000 American depository shares (‘ADSs’) of Canaan Inc. (‘Canaan’) on the Nasdaq Global Market (‘Nasdaq’). Trading of the ADSs commenced on 21 November 2019.
Founded in 2013, Canaan is the worldwide leader in producing Blockchain servers and designing application-specific intergrated circuit (‘ASIC’) microprocessor solutions. Canaan products are sold globally. It was the second largest designer and manufacturer of Bitcoin mining machines globally in terms of computing power sold in the first half of 2019, according to industry research. Canaan strives to bring in new thoughts to the area of advanced technology ASIC processors and beyond.
The company intends to use the proceeds of the listing to fund R&D activity, expand its AI and Blockchain business globally, optimise its supply chain and repay loans.
The Freshfields team advising on the transaction was led by partners Calvin Lai, Valerie Ford Jacob and Michael Levitt and by counsel Jeremy Barr. Partner Robert Scarborough provided tax advice.
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