BEIJING, Sept. 20, 2021 /PRNewswire/ -- Canaan Inc.
(NASDAQ: CAN) ("Canaan" or the "Company"), a leading
high-performance computing solutions provider, today
announced that its board of directors has authorized a share
repurchase program under which the Company may repurchase up to
US$20 million worth of its
outstanding (i) American depositary shares ("ADSs"), each
representing 15 Class A ordinary shares, and/or (ii) Class A
ordinary shares over the next 12 months starting from September 20, 2021.
Mr. Nangeng Zhang, Chairman and Chief Executive Officer of
Canaan, commented, "Canaan remains committed to driving value for
shareholders. Given our robust business performance in 2021 to date
and encouraging outlook, we believe our current valuation does not
fully reflect the growth potential of the Company. As such, we
would like to allocate our capital to optimize value creation, in
addition to our consistent investment for market expansion,
securing production capacity, and R&D innovation. The new share
repurchase program demonstrates our strong confidence in both the
Company's business operation and long-term prospects of the
industry."
Under the share repurchase program, the Company may repurchase
its ADSs from time to time through open market transactions at
prevailing market prices, privately negotiated transactions, block
trades or any combination thereof. In addition, Canaan will also
effect repurchase transactions in compliance with Rule 10b5-1
and/or Rule 10b-18 under the
Securities Exchange Act of 1934, as amended, and its insider
trading policy. The number of ADSs repurchased and the timing of
repurchases will depend on a number of factors, including, but not
limited to, price, trading volume and general market conditions,
along with Canaan's working capital requirements and general
business conditions. The Company's board of directors and/or its
management will review the share repurchase program periodically,
and may authorize adjustment of its terms and size. The Company
plans to fund the repurchases from its existing cash balance.
About Canaan Inc.
Established in 2013, Canaan (NASDAQ: CAN), is a technology
company focusing on ASIC high-performance computing chip design,
chip research and development, computing equipment production and
software services. The Company's vision is "super computing is what
we do, social enrichment is why we do". Canaan has a rich
experience in chip design and streamlined production in the ASIC
field. In 2013, it released and mass produced its first ASIC
Bitcoin mining machine. In 2018, Canaan released the world's first
7nm ASIC chip, providing energy efficient computing equipment to
the cryptocurrency mining industry. In the same year, Canaan
released the world's first RISC-V architecture commercial edge AI
chip, further harnessing the potential of ASIC technology in the
field of high-performance computing and artificial
intelligence.
Safe Harbor Statement
This announcement contains forward−looking statements. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. These
forward−looking statements can be identified by terminology such as
"will", "expects", "anticipates", "future", "intends", "plans",
"believes", "estimates" and similar statements. Among other things,
the business outlook and quotations from management in this
announcement, as well as Canaan Inc.'s strategic and operational
plans, contain forward−looking statements. Canaan Inc. may also
make written or oral forward−looking statements in its periodic
reports to the U.S. Securities and Exchange Commission ("SEC") on
Forms 20−F and 6−K, in its annual report to shareholders, in press
releases and other written materials and in oral statements made by
its officers, directors or employees to third parties. Statements
that are not historical facts, including statements about Canaan
Inc.'s beliefs and expectations, are forward−looking statements.
Forward−looking statements involve inherent risks and
uncertainties. A number of factors could cause actual results to
differ materially from those contained in any forward−looking
statement, including but not limited to the following: the
Company's goals and strategies; the Company's future business
development, financial condition and results of operations; the
expected growth of the Bitcoin industry and the price of Bitcoin;
the Company's expectations regarding demand for and market
acceptance of its products, especially its Bitcoin mining
equipment; the Company's expectations regarding maintaining and
strengthening its relationships with production partners and
customers; the Company's investment plans and strategies;
fluctuations in the Company's quarterly operating results;
competition in its industry in China; and relevant government policies and
regulations relating to the Company and cryptocurrency. Further
information regarding these and other risks is included in the
Company's filings with the SEC, including its registration
statement on Form F−1, as amended, and its annual reports on Form
20−F. All information provided in this press release and in the
attachments is as of the date of this press release, and Canaan
Inc. does not undertake any obligation to update any
forward−looking statement, except as required under applicable
law.
Investor Relations Contact
Canaan Inc.
Mr. Shaoke Li
Email: IR@canaan-creative.com
ICR, LLC
Robin Yang
Tel: +1 (347) 396-3281
Email: canaan.ir@icrinc.com
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SOURCE Canaan Inc.