After the announcement, Canaan shares are trading at $5,27

​Canaan will allocate up to $100 million for share repurchase

18.03.2022 - 15:30


1 min

What’s new? Canaan, one of the largest producers of bitcoin mining equipment, has announced a share buyback. The company is willing to allocate up to $100 million to the project. In a statement, it said that the shares have slumped by 85% over the year. This dynamic is attributed to quarantine measures due to the COVID-19 pandemic and macroeconomic factors in the market.

Canaan’s statement

What impact did the announcement have on the share price? Following the announcement, Canaan’s shares have soared more than 30% on the NASDAQ since the market opened. As of 6:45 pm Moscow time on March 18, the shares of CAN are trading at $5,27. According to Canaan’s announcement, the company may repurchase the American depositary shares, each representing 15 Class A common shares, over the next 24 months. The company previously announced a buyback program in September 2021.

What is known about Canaan? Canaan is one of the largest mining hardware manufacturer companies. The company was founded in 2013 by Nangeng Zhang.


Tatiana Darda Tatiana Darda

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