Canaan Inc - ADR (NASDAQ: CAN) shares are trading higher by 35.8% at $4.70 after the company announced a $100 million buyback.
Mr. Nangeng Zhang, Chairman and Chief Executive Officer of Canaan, commented, "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. We remain committed to our diligent and agile operations, and believe that we are able to overcome the challenges and make greater achievements," Zhang stated.
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Canaan is a developer of supercomputing chips and the manufacturer of digital blockchain computing equipment as well as the supplier of the overall scheme for computer software and hardware of digital blockchain.
Canaan has a 52-week high of $37.78 and a 52-week low of $3.10.
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