Canaan Inc.
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CONTACT:
Portnoy Law Firm
Lesley F. Portnoy, Esq.,
www.portnoylaw.com
Office: 310.692.8883
1800 Century Park East, Suite 600
Los Angeles, CA 90067
info@portnoylaw.com
On August 18, 2023, prior to the market opening, Canaan issued a press release titled “Canaan Inc. Provides Updates on Its Bitcoin Mining Operations.” The press release made several key announcements:
- Temporary Shutdown of Mining Computing Power: Canaan disclosed that it had decided to temporarily shut down about 2.0 Exahash/s of its mining computing power in Kazakhstan since July 2023. This action was taken to ensure compliance with legal requirements.
- Significant Impact: The shutdown accounted for approximately 50% of Canaan’s total installed computing power in Central Asia and North America. This total was 4.0 Exahash/s by the end of the first quarter of 2023. The move was expected to considerably impact the company’s operational mining computing power starting in the third quarter of 2023.
- Arbitration Proceeding: Canaan US, the company’s subsidiary, announced its intention to file an arbitration demand due to the inability to reach a settlement through mediation with a business partner. The company intended to proceed with arbitration to resolve the dispute between the parties.
The press release concluded by stating that these challenges were anticipated to have a significant effect on Canaan’s operational mining computing power starting from the third quarter of 2023.
As a result of this news, the value of Canaan’s American Depositary Shares (ADSs) dropped by 12%, leading to a closing price of $2.06 per ADR on August 18, 2023.
