The company said in a statement that the stock was affected by “international frictions,” quarantine measures due to the COVID-19 pandemic and “macro factors in the capital market.”
“Given the company’s strong fundamentals and cash position, we would like to allocate additional capital to increase value for our shareholders,” said Chairman and CEO Nangeng Zhang.
According to market data, Canaan stock is up more than 30 percent on the NASDAQ since the market opened Tuesday morning following the announcement. Shares of CAN are currently trading at $4.67.
According to Canaan, the company may buy U.S. Depositary Shares, each representing 15 shares of Class A common stock and Class A common stock, over the next 24 months, beginning March 16. The company announced its previous buyback program in September 2021.
In a separate statement, Canaan said first-quarter earnings could be affected by logistical delays related to COVID-19 quarantine measures in China. A five-day quarantine was announced Monday in the city where the company is based.
Holpop News
Holpop News
Canaan, one of the largest manufacturers of bitcoin mining equipment, announced a share buyback program worth up to $100 million.
posted on March 17, 2022 by holpop in Blockchain
