Canaan Announces New $20M Share Buyback Under Its $100M Board Authorization; Plans To Change ADS Ratio From One ADS Representing 15 Shares To One ADS Representing 375 Shares, Effective On Or About December 4

The overall authorization is valid for a 12-month period beginning November 6, 2026, upon the Board's approval, providing the Company with flexibility to consider additional repurchases within the authorized limit.

For the Company's ADS holders, the ADS Ratio Change will have the same effect as a 1-for-25 reverse split of the ADSs. Upon the Effective Date, ADS holders will exchange every 25 existing ADSs for one new ADS. JPMorgan Chase Bank, N.A., as the depositary bank for the Company's ADS program, will arrange for the exchange. The Company's ADSs will continue to trade on the Nasdaq Capital Market under the ticker symbol "CAN."