CAN - Canaan approves $100M share repurchase program

Canaan (NASDAQ:CAN) has authorized a share repurchase program up to $100M worth of its outstanding American depositary shares, each representing 15 Class A ordinary shares, and/or Class A ordinary shares over the next 24 months, starting today. The company plans to fund the repurchases from its existing cash balance. CEO comment: "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. Given the strong fundamentals and cash position of the Company, we would like to allocate additional capital to drive value for our shareholders. As previously disclosed, we had completed the share repurchase plan authorized in September 2021 ahead of schedule. This new share repurchase program demonstrates our confidence in the Company's long-term outlook." Shares up 21% premarket.

For further details see:

Canaan approves $100M share repurchase program