Feb. 21, 2025, Nano Labs Ltd (Nasdaq: NA) ("we," the "Company" or "Nano Labs") announced that it has entered into share subscription agreements (the "Subscription Agreements") with certain investors (the "Investors") to sell 913,714 Class A ordinary shares of the Company in a private placement (the "Private Placement"). The purchase price per Class A ordinary shares is US$6.46, and the aggregate purchase price of the Private Placement is approximately US$5.9 million (the "Aggregate Purchase Price"). The Aggregate Purchase Price will be satisfied in Bitcoin (BTC) and USDT. The shares are offered in a transaction not required to be registered under Section 5 of the Securities Act. The closing may take place in 10 business days, subject to customary closing conditions. Previously, the Company has secured investments from prominent institutions including FENBUSHI, Golden Forest, and Longling Capital.

In addition, the Company has recently increased its Bitcoin holdings. As of February 21, 2025, the Company holds a total of approximately 400 Bitcoins, with a current value of approximately US$40 million. The average acquisition cost of its Bitcoin holdings is approximately US$99,500 per BTC, inclusive of transaction fees.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.