Chinese cryptocurrency mining giant Canaan, which is listed on the US NASDAQ, plans to issue $12.4M in shares as part of an employee incentive program.
According to a Form S-8 filed with the US Securities and Exchange Commission (SEC), the company plans to issue 51,624,000 Class A ordinary shares at a maximum price of $0.24 each.
The Form S-8 must be filed by all public companies interested in issuing shares or options to their employees. The document must be filed with the regulator before the issuance takes place.
In the meantime, the price of Canaan's shares keeps falling. In November 2019, just after the company went public, the price of the shares reached over $8, however, their current price is about $2.91.
Canaan recorded a net loss of $5.6M in the first quarter of the year.
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