Jia Nan Yun Zhi completed the first round of $150 million preferred stock financing, successfully raising $25 million

ChainCatcher news, Canaan Creative announced the completion of the first round of its previously announced preferred stock financing, successfully raising a total of $25 million.

On November 27, 2023, Canaan Creative signed a securities purchase agreement with an institutional investor, under which Canaan Creative will issue and sell up to 125,000 shares of Series A convertible preferred stock to the investor at a price of $1,000 per share. In the first round of preferred stock financing, Canaan Creative issued 25,000 shares of preferred stock at a price of $1,000 per share and delivered 8,000,000 American Depositary Shares (ADS) through BNY Mellon, with each ADS representing 15 shares of Canaan Creative's Class A common stock, priced at $0.00000075 per ADS.

Canaan Creative plans to use the net proceeds from this securities sale for research and development, expanding production capacity, and other general corporate purposes.