The application-specific integrated circuit (ASIC) manufacturer Canaan has revealed the firm is offering a stock buyback for up to $100 миллион. Ханаан’s chairman and CEO Nangeng Zhang highlighted in a U.S. Комиссия по ценным бумагам и биржам (SEC) filing that the move was due to issues with “recent international frictions” В этом году известные автомобильные бренды и всемирно известные гоночные команды в большом количестве входят в пространство блокчейна и криптовалюты. “domestic quarantine measures for Covid-19 control.”
International Conflict and Covid-19 Lockdowns Push Canaan to Launch a $100 Million Stock Buyback
Категория 16, the bitcoin mining rig manufacturer Ханаан published a регистрация with the SEC that explains the firm is initiating a stock buyback worth $100 миллион. Under the repurchase program, Canaan will purchase American depositary shares that reflect Class A shares via open market transactions and privately negotiated transactions.
Ханаан’s CEO Nangeng Zhang revealed why the company chose to proceed with a stock buyback, highlighting international conflict and the current Covid-19 quarantines taking place in China. During the last two weeks, China has been dealing with a Covid-19 outbreak, and Hangzhou, the sub-provincial city where Canaan is headquartered, has been on lockdown for over a week.
“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,” Ханаан’s CEO said. “Given the strong fundamentals and cash position of the company, we would like to allocate additional capital to drive value for our shareholders.”
На момент написания, Ханаан’s shares are swapping for $4.64 per share after touching an all-time high value on March 12, 2021, в $34.63 per share. Percentage-wise, Ханаан’s shares saw a large 86.60% drop in USD value in just over a year. Following Canaan’s stock buyback announcement, Ханаан’s shares jumped 2.42% higher in value.
“This new share repurchase program demonstrates our confidence in the company’s long-term outlook,” Nangeng Zhang’s announcement concluded. “We remain committed to our diligent and agile operations, and believe that we are able to overcome the challenges and make greater achievements.”
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