Canaan launches $170M in ADSs registered direct offering

Canaan ([[CAN]] -12.6%) entered into a securities purchase agreement with certain institutional investors for a registered direct placement of ~$170M of its ADSs; each ADS represents 15 Class A ordinary shares, par value $0.00000005/share or $12.6/ADS.The company also agreed to issue warrants to purchase up to 4.05M ADSs at an exercise price of $16.38/ADS; warrants will have a term of three years from issuance date.Offer expected to close on or about May 3.Net proceeds will be used for research and development and expansion of production scale, and working capital and general corporate purposes.