- Based in China but listed on the Nasdaq exchange last year, Canaan’s shares have consistently traded below their initial public offering price of about $9 a share, and currently trade for less than $2.
- Canaan said it will repurchase up to $10 million worth of its American depositary shares (each ADS represents 15 Class A shares) and/or Class A shares directly over a 12-month period starting Sept. 22.
- Canaan said it plans to finance the buyback using its existing cash balance.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.