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ASIC Mining Rig Manufacturer Canaan Reveals $100 Million Stock Buyback Program

The application-specific integrated circuit (ASIC) manufacturer Canaan has revealed the firm is offering a stock buyback for up to $100 million. Canaan’s chairman and CEO Nangeng Zhang highlighted in a U.S. Securities and Exchange Commission (SEC) filing that the move was due to issues with “recent international frictions” and “domestic quarantine measures for Covid-19 control.”
International Conflict and Covid-19 Lockdowns Push Canaan to Launch a $100 Million Stock Buyback
On March 16, the bitcoin mining rig manufacturer Canaan published a filing with the SEC that explains the firm is initiating a stock buyback worth $100 million. Under the repurchase program, Canaan will purchase American depositary shares that reflect Class A shares via open market transactions and privately negotiated transactions.
Canaan’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 pla

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