The Board of Directors of Canaan Inc. (NASDAQ: CAN) approved a program to repurchase up to $30 million worth of ADS or Class A common stock over the next 12 months, using existing cash.
The new plan, announced on December 17th, allows the company to buy back shares through the open market, private placements, or large-lot transactions, depending on price movements, liquidation , and market conditions.
- Canaan has been approved for a maximum acquisition of $30 million over 12 months.
- The purchase will be made using existing cash, through various transaction methods.
- The program expired 6 months ago, with a total purchase of 6.5864 million ADS (~$4.9 million).
Details of the $30 million acquisition program.
Canaan will repurchase up to $30 million worth of ADS or Class A common stock over 12 months, using Capital from its existing cash reserves.
The company stated that the buyback could be conducted through open market operations, private placement, or Block trades. This activity would comply with the Securities Exchange Act of 1934 and the company's insider trading policy.
The actual speed and scale of the buyback will depend on price, volume , and market conditions. Canaan also stated that it may adjust the size and terms of the program as needed.
Results of the buyback program from 6 months ago
The six-month buyback program, which began on May 27th, has expired, with a total of 6.5864 million ads purchased, worth approximately $4.9 million.
Between November 19th and 27th alone, the company repurchased 1.5053 million ADS, worth approximately $1.5 million. These figures were released along with information about the new program, indicating that the company continues to maintain its market-based repurchase strategy.
