Bitcoin mining hardware maker Canaan announces up to $100 million in new stock buybacks

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Canaan, one of many largest bitcoin mining {hardware} makers, introduced a inventory buyback program of as much as $100 million.

The corporate stated in a press release that inventory efficiency had been impacted by “worldwide frictions,” quarantine measures as a result of COVID-19 pandemic, and “macro elements throughout the capital market.”

“Given the sturdy fundamentals and money place of the Firm, we want to allocate further capital to drive worth for our shareholders,” stated chairman and CEO Nangeng Zhang.

After the announcement on Tuesday morning, Canaan shares soared over 30% on the NASDAQ from the market open, in line with Bloomberg market information. CAN’s inventory is at present buying and selling palms at $4.67.

As per Canaan, the corporate might purchase American depositary shares, every representing 15 Class A atypical shares, and Class A atypical shares over the following 24 months, ranging from March 16. The corporate had introduced a earlier buyback program in September 2021.

In a separate assertion, Canaan stated that first-quarter revenues may be impacted by logistics delays stemming from COVID-19 quarantine measures in China. On Monday, a five-day lockdown was introduced within the metropolis the place the corporate’s operations are based mostly. 

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