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Bitcoin miner maker Canaan to issue $12.4 million worth of shares in employee benefit plan

Yogita Khatri
·1-min read

Nasdaq-listed bitcoin miner manufacturer Canaan is set to issue $12.4 million worth of shares in an employee benefit plan.

The company has filed a Form S-8 with the U.S. Securities and Exchange Commission (SEC) on Wednesday, saying that it will issue 51,624,000 Class A ordinary shares at a maximum price of $0.24 apiece.

The Form S-8 filing is required for public companies who want to issue stock or stock options to its employees. It must be filed before a company issues securities.

Canaan is issuing two types of Class A ordinary shares — the bulk ($10.9 million) granted under a 2018 share incentive plan and an additional $1.4 million reserved for future award grants under the same plan.

Source: SEC

The news comes just a few days after Canaan posted a total net loss of $5.6 million in the first quarter of 2020.

China-based Canaan's stock has been under pressure in recent months and is currently down by over 10% in pre-market hours, according to TradingView. The stock is now trading at around $3; it initially sold for $8.99 apiece in November.


© 2020 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.