<p>Nasdaq-listed bitcoin miner manufacturer Canaan is set to issue $12.4 million worth of shares in an employee benefit plan. <br /> <br /> The company has <a href="https://sec.report/Document/0001564590-20-027016/">filed</a> a Form S-8 with the U.S. Securities and Exchange Commission (SEC) on Wednesday, saying that it will issue 51,624,000 Class A ordinary shares at a maximum price of $0.24 apiece.<br /> <br /> The Form S-8 filing is required for public companies who want to issue stock or stock options to its employees. It must be filed before a company issues securities.<br /> <br /> Canaan is issuing two types of Class A ordinary shares — the bulk ($10.9 million) granted under a 2018 share incentive plan and an additional $1.4 million reserved for future award grants under the same plan. <br /> <img class="aligncenter size-full wp-image-66689" src="https://www.tbstat.com/wp/uploads/2020/05/canaan.jpg" alt="" width="1170" height="540" /><span style="font-size: 8pt; color: #999999;">Source: SEC</span><br /> <br /> The news comes just a few days after Canaan <a href="https://www.theblockcrypto.com/linked/66167/bitcoin-miner-manufacturer-canaan-shrinks-its-net-loss-by-95-in-q1-2020">posted</a> a total net loss of $5.6 million in the first quarter of 2020. <br /> <br /> China-based Canaan's stock has been under pressure in recent months and is currently down by over 10% in pre-market hours, according to <a href="https://in.tradingview.com/symbols/NASDAQ-CAN/">TradingView</a>. The stock is now trading at around $3; it initially sold for $8.99 apiece in November. </p>