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Canaan Shares Surge as Company Authorizes up to $100M Buyback Program
The mining-rig computer maker says its new plan shows its confidence in the company’s long-term prospects.
By Aoyon Ashraf
Updated May 11, 2023, 5:57 p.m. Published Mar 16, 2022, 2:13 p.m.
Canaan’s (CAN) stock surged more than 30% in early trading on Tuesday after the crypto-mining computer manufacturer announced it has approved a program to buy back up to $100 million worth of its shares, after completing its previous $20 million repurchase program last September.
- “Given the strong fundamentals and cash position of the Company, we would like to allocate additional capital to drive value for our shareholders,” said Nangeng Zhang, chairman and CEO of Canaan, in a statement.
- The Hangzhou, China-based company said that its shares have been negatively affected by recent international friction, COVID-19 measures and macroeconomic factors, and the new buyback plan shows “confidence in the company’s long-term outlook.”
- Shares have fallen 85% in the last year, while the price of bitcoin fell 29% over the same period.
- The share repurchase program will include $100 million worth of American depositary shares, each representing 15 Class A ordinary shares, and/or Class A ordinary shares, to be purchased over the next 24 months starting from March 16, 2022.
- Canaan’s current market cap is about $590.8 million and the company had about 157.9 million shares outstanding, according to TradingView data.
Read more: Bitcoin Mining Rig Maker Canaan Surges After Strong Results and Guidance
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