SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of March 2022
Commission File Number: 001-39127
Room 2101, 21st Floor, Building 1
Yard 1, No. 81 Beiqing Road
Haidian District, Beijing, 100094
Peoples Republic of China
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F ☒ Form 40-F ☐
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐ Yes ☒ No
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐ Yes ☒ No
|99.1||Canaan Inc. Provides Updates on Recent Development and Business Outlook|
Pursuant to the requirements of Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
|Date: March 16, 2022||By:|
|Title:||Chairman and Chief Executive Officer|
Canaan Inc. Provides Updates on Recent Development and Business Outlook
BEIJING, March 16, 2022 /PRNewswire/ Canaan Inc. (NASDAQ: CAN) (Canaan or the Company), a leading high-performance computing solutions provider, today announced that its business outlook for the first quarter of 2022 is expected to be impacted due to the delay in the delivery logistics as a result of the recent COVID-19 quarantine control in certain regions in China.
Recently, local governments in a number of cities in China had initiated quarantine control mandates due to the recent resurgence of COVID-19 cases. On March 14, 2022, the government implemented a five-day quarantine lock-down for all residents and businesses in the city where the Companys mining machine factory and warehouses are located. The quarantine period may be extended depending on the effectiveness of the containment. This lock-down measure resulted in the logistics suspension for the delivery of the Companys mining machines to clients that have made down payments or fully prepaid for computing power orders. As such, the Company expects that its revenue recognition in the first quarter of 2022 may be adversely affected due to the delay of its inventory delivery. The delivery of these orders is projected to be backlogged to the second quarter of 2022.
The Company is actively cooperating with the local government for pandemic control and has taken measures to ensure the health and safety of its employees in the influenced region. In addition, the Company is closely monitoring the evolvement of the pandemic situation and will resume logistics and product delivery as soon as the condition improves.
About Canaan Inc.
Established in 2013, Canaan (NASDAQ: CAN), is a technology company focusing on ASIC high-performance computing chip design, chip research and development, computing equipment production, and software services. The companys vision is super computing is what we do, social enrichment is why we do it. Canaan has a rich experience in chip design and streamlined production in the ASIC field. In 2013, it released and mass produced its first ASIC Bitcoin mining machine. In 2018, Canaan released the worlds first 7nm ASIC chip, providing energy efficient computing equipment to the cryptocurrency mining industry. In the same year, Canaan released the worlds first RISC-V architecture commercial edge AI chip, further harnessing the potential of ASIC technology in the field of high-performance computing and artificial intelligence.
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as will, expects, anticipates, future, intends, plans, believes, estimates and similar statements. Among other things, the business outlook and quotations from management in this announcement, as well as Canaan Inc.s strategic and operational plans, contain forward-looking statements. Canaan Inc. may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (SEC) on Forms 20-F and 6-K, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Canaan Inc.s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Companys goals and strategies; the Companys future business development, financial condition and results of operations; the expected growth of the Bitcoin industry and the price of Bitcoin; the Companys expectations regarding demand for and market acceptance of its products, especially its Bitcoin mining machines; the Companys expectations regarding maintaining and strengthening its relationships with production partners and customers; the Companys investment plans and strategies, fluctuations in the Companys quarterly operating results; competition in its industry in China; and relevant government policies and regulations relating to the Company and cryptocurrency. Further information regarding these and other risks is included in the Companys filings with the SEC, including its registration statement on Form F-1, as amended, and its annual reports on Form 20-F, as amended. All information provided in this press release and in the attachments is as of the date of this press release, and Canaan Inc. does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
Investor Relations Contact
Ms. Xi Zhang
Tel: +1 (347) 396-3281