Canaan – crypto mining ASIC manufacturer – has reportedly submitted application to the US SEC for generating approximately $12.4 million worth of shares to its employees.

As stated via the S-8 form received by the US SEC on May 27th, Canaan is reportedly seeking authorization to generate around $12.4 million of class A ordinary shares, with the highest offering price stands at $0.24 for each share. 

Previously in November last year, Canaan has reportedly secured $90 million, via putting 10,000,000 shares up for purchases, at the price of $9 per share, at its initial public offering (IPO).

As extracted from Google Finance data, the firm’s stock has reportedly undergone a value decrease as of press time, with a 76% drop from the IPO, and is now worth $2.16.

As stated in the March reports, Canaan has disclosed the wrong number of its potential revenue for this year, to capture investors attention to its IPO. A short time later, law firm specialised in investor rights Rosen Law Firm has reportedly filed a class-action lawsuit against Canaan. 

A month prior to the IPO taking place, Canaan has reportedly rolled out a “strategic partnership” with Hong Kong exchange-listed firm Grandshores, where it will buy $150 million equivalent of Canaan mining equipment.