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Canaan Inc. (CAN) Reveals New $20 Million Share Repurchase Program

Monday, September 20, 2021 08:40 AM | Carl Pettit

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Canaan Inc. (CAN) Reveals New $20 Million Share Repurchase Program

What’s Going on with Canaan Inc.?

Today, Sept. 20, Canaan Inc. (CAN) announced a new program letting the Beijing-based computing solutions company repurchase up to $20 million worth of the firm’s outstanding American depositary shares (ADSs). Pre-market this morning, CAN stock fell 6.62%, down to $7.48 per share.

What Does This Mean for CAN?

Canaan’s board of directors has authorized this new share repurchase program. Under the terms of the program, the company may repurchase up to$20 million worth of its outstanding American depositary shares, “each representing 15 Class A ordinary shares" over the next 12 months starting from September 20, 2021.”

“Canaan remains committed to driving value for shareholders. Given our robust business performance in 2021 to date and encouraging outlook, we believe our current valuation does not fully reflect the growth potential of the Company,” Canaan Chairman and CEO Mr. Nangeng Zhang, remarked. “As such,” Mr. Zhang continued, “we would like to allocate our capital to optimize value creation, in addition to our consistent investment for market expansion, securing production capacity, and R&D innovation.”

Long-Term Technical Rank - 26

CAN has a Long-Term Technical Rank of 26. Find out what this means to you and get the rest of the rankings on CAN!

Canaan Inc is a developer of supercomputing chips and the manufacturer of digital blockchain computing equipment as well as the supplier of the overall scheme for computer software and hardware of digital blockchain. The equipment manufactured by Canaan is sold to many countries including China, the United States, Hong Kong, and other foreign countries. It derives a vast majority of the revenue from China. Its product includes Kanzhi Al and Avalon Mining Machine.

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