Mining large Canaan, which is listed on the Nasdaq, plans to moreover issue shares within the quantity of $ 12.4 million as a part of the worker incentive program. This follows from a S-Eight type filed with the US Securities and Change Fee (SEC).
It's recognized that the Chinese language firm goes to issue 51,624,000 atypical Class A shares at a most value of $ 0.24 per share.
Kind S-Eight should be submitted to public corporations wishing to issue issuer's shares or choices for their employees. The doc should be submitted to the regulator earlier than the issuance of securities.
In accordance to BTCKING555, Canaan is thus making an attempt to forestall the departure of the administration and founders of the corporate by means of a further issue.
The inventory $ CAN is DOWN 2 / third since IPO whereas Bitcoin is up 20 prc! And even at such low value, administration and founders operating for exit 😱🤥🍿
- BTCKING555 (@ btcking555) Could 28, 2020
"The reason being easy - insiders know that the worst for Canaan is but to come.", - shares ideas with BTCKING555.
In the meantime, the market value of Canaan shares continues to plummet.
Presently, the market worth of securities is at round $ 2.79, though a couple of week in the past, shares traded at $ 3.81. Final November, proper after the IPO, quotes exceeded $ 8.
Recall that in accordance to the outcomes of the first quarter, Canaan's internet loss amounted to $ 5.6 million.
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