THELOGICALINDIAN - The applicationspecific chip ambit ASIC architect Canaan has appear the close is alms a banal acknowledgment for up to 100 actor Canaans administrator and CEO Nangeng Zhang accent in a US Securities and Exchange Commission SEC filing that the move was due to issues with contempo all-embracing frictions and calm apprehension measures for Covid19 control
International Conflict and Covid-19 Lockdowns Push Canaan to Launch a $100 Million Stock Buyback
On March 16, the bitcoin mining rig architect Canaan appear a filing with the SEC that explains the close is initiating a banal acknowledgment account $100 million. Under the repurchase program, Canaan will acquirement American depositary shares that reflect Class A shares via accessible bazaar affairs and abreast adjourned transactions.
Canaan’s CEO Nangeng Zhang appear why the aggregation chose to advance with a banal buyback, highlighting all-embracing battle and the accepted Covid-19 quarantines demography abode in China. During the aftermost two weeks, China has been dealing with a Covid-19 outbreak, and Hangzhou, the sub-provincial burghal area Canaan is headquartered, has been on lockdown for over a week.
“We noticed that the contempo all-embracing frictions, the calm apprehension measures for Covid-19 control, and macro factors beyond the basic bazaar accept abnormally impacted our banal performance,” Canaan’s CEO said. “Given the able fundamentals and banknote position of the company, we would like to admeasure added basic to drive amount for our shareholders.”
At the time of writing, Canaan’s shares are swapping for $4.64 per share afterwards affecting an best aerial amount on March 12, 2021, at $34.63 per share. Percentage-wise, Canaan’s shares saw a ample 86.60% bead in USD amount in aloof over a year. Following Canaan’s banal acknowledgment announcement, Canaan’s shares jumped 2.42% college in value.
“This new allotment repurchase affairs demonstrates our aplomb in the company’s abiding outlook,” Nangeng Zhang’s advertisement concluded. “We abide committed to our active and active operations, and accept that we are able to affected the challenges and accomplish greater achievements.”
What do you anticipate about Canaan initiating a banal acknowledgment affairs for $100 million? Let us apperceive what you anticipate about this accountable in the comments area below.
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