Chinese miner Canaan intends to conduct a $ 400 million IPO on the Nasdaq exchangeChinese cryptocurrency mining equipment manufacturer Canaan Creative has officially applied to list its securities in the United States.

Chinese miner Canaan intends to conduct $ 400 million IPO on the Nasdaq exchange

Chinese cryptocurrency mining hardware manufacturer Canaan Creative has officially applied for a U.S. listing of its securities.

On October 28, the company sent an IPO prospectus to the US Securities and Exchange Commission (SEC). According to the document, Canaan wants to be listed on the NASDAQ stock exchange under the ticker CAN and raise $ 400 million through the placement. Credit Swiss, Citi Group, Galaxy Digital and others can be involved as underwriters for the campaign..

In the application, Canaan discloses its financial position. During the six months ended June 30, 2019, its loss was $ 45.8 million on revenue of $ 42.1 million, while in the first half of 2018, profit was $ 25 million, and revenue was $ 275 million. In the second half of 2018 it lost $ 16.7 million amid a prolonged decline in the price of bitcoin, which made many miners unprofitable.

This is the third attempt by Canaan to gain public status. Local media recently estimated the firm's capitalization at $ 2-3 billion.

In July, it became known that Canaan may have applied for an IPO with the SEC, but until this week, no official documents were released. Canaan's rival Bitmain is also allegedly going to go public in the United States following a failed IPO in Hong Kong..

Similar articles

• Shares in Chinese mining company Canaan plummet 40% Shares in Chinese mining company Canaan have plummeted 40% on the Nasdaq exchange since listing last month, according to publicly available data. Over the last day, the drop was 7.5%.

  Shares of Chinese mining company Canaan plummet 40% Shares of Chinese mining company Canaan on the Nasdaq exchange have plummeted 40% since...

• Ripple may leave the US due to unfavorable regulation of the cryptocurrency industry Fintech company Ripple Labs may move its head office to a foreign jurisdiction due to unfavorable regulation of the US cryptocurrency industry. Fortune writes about this, citing a statement by Ripple co-founder and CEO Chris Larsen, which he made during a speech at the LA Blockchain Summit on Tuesday..

  Ripple May Leave US Due to Adverse Cryptocurrency Industry Regulation Fintech Ripple Labs May Move Headquarters To...

• Seoul Police Revisited Bithumb Crypto Exchange Offices For More Evidence Seoul Police Revisited Bithumb Crypto Exchange Offices Five Days After First Raid.

  Police came to the offices of the cryptocurrency exchange Bithumb again for additional evidence Seoul police came to the offices of the cryptocurrency exchange again...

• Roman Abramovich could have invested $ 300 million in ICO Telegram While Pavel Durov reports to the US Securities and Exchange Commission (SEC) on the amount of funds raised during the pre-ICO Telegram, Vedomosti found out who could take part in the crowdfunding campaign, access to which was provided to a limited number of people.

  Roman Abramovich could have invested $ 300 million in Telegram ICO While Pavel Durov reports to the US Securities and Exchange Commission (SEC) on the volume...

• Cryptoexchange Liquid announced a leak of customer data. Cryptocurrency exchange Liquid, on behalf of its CEO Mike Kayamori, today announced a "security incident" that occurred on November 13.

  Cryptoexchange Liquid announced the leakage of customer data The cryptocurrency exchange Liquid, on behalf of its CEO Mike Kayamori, today announced “an incident with...