{"id":28372,"date":"2020-09-08T18:46:30","date_gmt":"2020-09-08T15:46:30","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=28372"},"modified":"2025-08-27T11:20:29","modified_gmt":"2025-08-27T08:20:29","slug":"canaan-to-spend-10-million-on-share-buyback","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/canaan-to-spend-10-million-on-share-buyback\/","title":{"rendered":"Canaan to spend $10 million on share buyback"},"content":{"rendered":"

From September 22, the Nasdaq-listed Chinese miner Canaan will begin a share repurchase program. The company will allocate $10 million to the program, the release says<\/a>.<\/p>\n

The proposal was approved by Canaan’s board of directors.<\/p>\n

The company filed<\/a> the corresponding Form 6-K with the U.S. Securities and Exchange Commission.<\/p>\n

During the year, the miner will be able to repurchase American depositary receipts (ADS). The program can be executed through open-market trades conducted on an individual basis, block trades, or a combination of methods.<\/p>\n

\n

“The number of ADS and the timing of the buyback depend on factors, including price, trading volume, market conditions, Canaan’s working capital requirements and overall business conditions,” the statement noted.<\/p>\n<\/blockquote>\n

The board of directors may adjust the terms of the program. The buyback is funded from the company’s own funds.<\/p>\n

In November 2019, Canaan placed 10 million ADS at $9 apiece. In a month, the company’s stock fell 40% \u2014 by December 13 its price had dropped to $5.71.<\/p>\n

In mid-June, the Chinese manufacturer’s share prices fell below $2. At the time of writing, the shares were trading near that level.<\/p>\n

\"Canaan<\/p>\n

Earlier, in the second quarter of 2020 the company narrowed<\/a> its net loss to $2.38 million.<\/p>\n

Follow ForkLog news on Facebook<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"

From September 22, the Nasdaq-listed Chinese miner Canaan will begin a share repurchase program. The company will allocate $10 million to the program, according to the release.<\/p>\n","protected":false},"author":1,"featured_media":28373,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[845,1137,1211],"class_list":["post-28372","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-canaan","tag-cryptocurrency-mining","tag-stock-market"],"aioseo_notices":[],"amp_enabled":true,"views":"23","promo_type":"1","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/28372","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=28372"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/28372\/revisions"}],"predecessor-version":[{"id":28374,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/28372\/revisions\/28374"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/28373"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=28372"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=28372"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=28372"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}