Canaan Inc. Announces Up to US$10 Million Share Repurchase Program
September 08 2020 - 6:30AM
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$10
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 22, 2020.
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
Inc. provides high-performance computing solutions to efficiently
solve complex problems. In 2016, Canaan successfully initiated the
production of its first 16nm chip and passed the test to receive
China's national high-tech enterprise certification. In 2018,
Canaan achieved major technological breakthroughs to launch the
K210, the world's first-ever RISC-V-based edge artificial
intelligence (AI) chip, which is now widely used for access control
in situations such as smart door locks and more. Canaan Inc. is
currently focused on the research and development of advanced
technology, including such areas as AI chips, AI algorithms, AI
architectures, system on a chip (SoC) integration and chip
integration. Using the AI chip as its base, Canaan Inc. has
established an intellectual value chain. Canaan Inc. also provides
a suite of AI service solutions and is able to tailor these
solutions to the needs of its partners. For more information,
please visit: investor.canaan-creative.com.
Safe Harbor StatementThis 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 machines; 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 ContactCanaan Inc.Mr. Shaoke
LiEmail: IR@canaan-creative.com
ICR Inc.Jack WangTel: +1 (347) 396-3281Email:
canaan.ir@icrinc.com
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