Bitcoin Miner Maker Canaan Confidentially Information For IPO In US: Report
In accordance with a report from IFRAsia on Wednesday citing “individuals with information of the matter,” the Hangzhou, China, primarily based agency is searching for to lift $200 million through the general public itemizing.
A report from Bloomberg in January, additionally prompt Canaan’s IPO may very well be launched this 12 months in New York, though the method was then mentioned to be in its early levels.
Canaan – maker of the favored Avalon miner vary – had beforehand been in search of to go public in Hong Kong to apparently increase about $1 billion, submitting publicly for an IPO in March of final yr. That plan, although, has been deserted and the agency’s Hong Kong Inventory Change utility lapsed in November.
In March, it was reported that the agency was contemplating an IPO try on the newly created Science and Know-how (Sci-Tech) Innovation Board throughout the Shanghai Inventory Change, along with its communication with the New York Inventory Trade and NASDAQ.
Confidential filings for corporations of all sizes are allowed within the U.S., after the Securities and Alternate Fee in July 2017 modified the principles in a bid to encourage extra IPOs. Previous to that, solely smaller companies have been allowed personal purposes.
Agency’s IPO registration statements are submitted in an SEC submitting, the S-1, round three to 4 months earlier than their deliberate launch. The SEC critiques the paperwork earlier than approving the general public providing.
Rival miner producer Bitmain additionally failed in its bid to IPO in Hing Kong and was reported to be contemplating an try within the U.S. in June.