Nasdaq-listed cryptocurrency mining equipment maker Canaan announced a share repurchase program of up to $20 million. The proposal was approved by the company’s board of directors, according to a statement.
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Canaan may repurchase American depositary shares (ADS) over the next 12 months, starting from September 20, 2021. The program may be executed through open-market transactions, individually negotiated trades, block trades, or a combination of these methods.
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“The number of ADS and the timing of the buyback depend on a number of factors, including price, trading volume and market conditions, as well as Canaan’s working capital requirements and overall terms of doing business,” the company said.
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The board and management of Canaan may periodically review and adjust the program. The company plans to fund the program from its available cash on hand.
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In September 2020, Canaan announced that would spend $10 million on share repurchases.
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In the second quarter of 2021, the mining equipment maker’s revenue amounted to $167.5 million. This marked the highest quarterly sales on record for Canaan.
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