Canaan will allocate up to $100 million for share repurchase

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

18.03.2022 - 15:30

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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.

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