Benzinga - Canaan Inc (NASDAQ:CAN) shares are falling Thursday after the company filed for a mixed securities shelf offering.
What Happened: Late Wednesday, Canaan filed a prospectus related to a mixed shelf offering. The company said it may offer and sell up to $300 million of securities from time to time in one or more offerings. The securities available may include common stock, ordinary shares represented by American depositary shares, preferred stock, debt securities, warrants, and subscription rights or units.
Canaan last reported quarterly results in late February. The company said it had $96 million in cash as of the end of 2023. Canaan is not due to report earnings again until the end of May. Analysts currently expect the company to report a loss of 36 cents per share and revenue of $30.23 million.
Canaan focuses on ASIC high-performance computing chip design, chip research and development, computing equipment production and software services. The company also generates revenue from mining crypto, specifically bitcoin.
See Also: Jim Cramer Says Just Go Buy Ethereum Or Bitcoin Instead Of Marathon Digital: ‘Let’s Not Fool Around’
How To Buy CAN Stock
For example, in Canaan's case, it is in the Information Technology sector. An ETF will likely hold shares in many liquid and large companies that help track that sector, allowing an investor to gain exposure to the trends within that segment.
CAN Price Action: Canaan shares were down 18.9% at 91 cents at the time of publication, according to Benzinga Pro.
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