According to Foresight News, Canaan Technology has completed its previously announced first phase of preferred stock financing, raising a total of $25 million. On November 27, 2023, Canaan Technology signed a securities purchase agreement with an institutional investor. According to the agreement, the company will issue and sell up to 125,000 shares of Series A convertible preferred stock (preferred stock) to the buyer, with each share priced at $1,000.00, totaling $125 million. Canaan Technology intends to use the net proceeds from the sale of securities for research and development, expanding production scale, and other general corporate purposes.