2 years ago
Canaan’s (CAN) banal surged much than 30% successful aboriginal trading connected Tuesday aft the crypto mining machine shaper announced it has approved a programme to bargain backmost up to $100 cardinal worthy of shares, aft completing its previous $20 million repurchase programme past September.
“Given the beardown fundamentals and currency presumption of the Company, we would similar to allocate further superior to thrust worth for our shareholders,” said Nangeng Zhang, Chairman and CEO of Canaan, successful a statement.
The Hangzhou, China-based institution said that its shares person been negatively affected by caller planetary friction, Covid-19 measures and macroeconomic factors, and the caller buyback program shows “confidence successful the company’s semipermanent outlook.”
Shares person fallen 85% successful the past year, portion the terms of bitcoin fell 29% implicit the aforesaid period.
The stock repurchase programme volition see $100 cardinal worthy of American depositary shares, each representing 15 Class A mean shares, and/or Class A mean shares, to beryllium purchased implicit the adjacent 24 months starting from March 16, 2022.
Canaan’s existent market-cap is astir $590.8 cardinal and the institution had astir 157.9 cardinal shares outstanding, according to TradingView data.
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Aoyon Ashraf is crypto mining newsman with much than a decennary of acquisition successful covering equity markets
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