Canaan (CAN) stock jumped more than 30 percent in early trading on March 15 after the crypto mining machine maker stated it has authorised a program to buyback up to $100 million in shares, after the completion of its previous $20 million repurchase programme last September.
“Given the Company’s excellent fundamentals and cash position, we would want to spend further resources to generate value for our shareholders,” said Canaan Chairman and CEO Nangeng Zhang in a statement.
The Hangzhou, China-based firm said that recent geopolitical tensions, Covid-19 actions, and macroeconomic factors have weighed on its shares, and the latest repurchase plan demonstrates “confidence in the company’s long-term outlook.”
Shares have decreased by 85 percent in the previous year, while the price of bitcoin has dropped by 29 percent in the same time frame.
The share buyback program will comprise the acquisition of $100 million in American depositary shares, each representing 15 Class A ordinary shares and/or Class A ordinary shares, over the following 24 months beginning March 16, 2022.
According to TradingView data, Canaan’s current market capitalization is around $590.8 million, and the business has approximately 157.9 million shares outstanding.
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