June 18, 2024

Canaan Creative plans to conduct $ 400 IPO in the US

Canaan Creative plans to conduct $ 400 IPO in the US

Canaan Creative, one of the largest manufacturers of mining equipment and manufactures Avalon ASICs, has applied for an IPO in the United States.

According to documents published by the SEC,The Chinese manufacturer plans to register on the NASDAQ exchange, and set a placement amount of $ 400 million to increase. At this stage, the value of one share and the estimated increase were not determined.

The financial statements presented showthat at the end of last year, Canaan Creative’s net profit amounted to $8.3 million, and for the first half of 2019 the company suffered losses in the amount of $45.8 million. According to preliminary estimates, the Chinese manufacturer is worth about $2-3 billion. In total, the company plans issue 126 million shares.

This is not the first attempt by Canaan Creative to conduct an initial public offering. Previously, due to the unstable situation on the cryptocurrency market, the company failed to do this in China and Hong Kong.

Another giant of the crypto industry, Bitmainis also seeking to conduct an IPO in the US after the failure in Hong Kong, and is actively diversifying its activities to increase the sustainability of its activities. On October 10, the company launched the WDMM platform to establish mutually beneficial cooperation between owners of mining equipment and mining farms.