The ASIC bitcoin mining rig manufacturer Canaan has revealed the firm is offering a stock buyback for up to $100 million.
with the SEC that explains the firm is initiating a stock buyback worth $100 million. Under the repurchase program, Canaan will purchase American depositary shares that reflect Class A shares via open market transactions and privately negotiated transactions.
Canaan’s CEO Nangeng Zhang revealed why the company chose to proceed with a stock buyback, highlighting international conflict and the current Covid-19 quarantines taking place in China. During the last two weeks, China has beenand Hangzhou, the sub-provincial city where Canaan is headquartered, has been on lockdown for over a week.
“We noticed that the recent international frictions, the domestic quarantine measures for Covid-19 control, and macro factors across the capital market have adversely impacted our stock performance,” Canaan’s CEO said. “Given the strong fundamentals and cash position of the company, we would like to allocate additional capital to drive value for our shareholders.”after touching an all-time high value on March 12, 2021, at $34.63 per share. Percentage-wise, Canaan’s shares saw a large 86.
“This new share repurchase program demonstrates our confidence in the company’s long-term outlook,” Nangeng Zhang’s announcement concluded. “We remain committed to our diligent and agile operations, and believe that we are able to overcome the challenges and make greater achievements.”
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