Nasdaq-listed bitcoin miner producer Canaan is ready to problem $12.four million worth of shares in an worker profit plan.
The corporate has filed a Kind S-Eight with the U.S. Securities and Trade Fee (SEC) on Wednesday, saying that it’s going to problem 51,624,000 Class A peculiar shares at a most price of $0.24 apiece.
The Kind S-Eight submitting is required for public corporations who wish to problem stock or stock choices to its workers. It have to be filed earlier than an organization points securities.
Canaan is issuing two varieties of Class A peculiar shares — the majority ($10.9 million) granted beneath a 2018 share incentive plan and a further $1.four million reserved for future award grants beneath the identical plan.
The information comes just some days after Canaan posted a complete web lack of $5.6 million within the first quarter of 2020.
China-based Canaan’s stock has been beneath stress in current months and is presently down by over 10% in pre-market hours, in response to TradingView. The stock is now buying and selling at round $3; it initially offered for $8.99 apiece in November.
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