Stock BuybacksBy The Online Investor Staff, updated Wed., Sep. 23, 11:20 PM
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Slide #22. Canaan Inc.
Canaan Inc. (NASDAQ:CAN)
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.
Canaan is a holding company. Through its subsidiaries, Co. is principally engaged in integrated circuit (the IC) design and sale and lease of final system products by integrating its IC products for Bitcoin mining and related components in the People's Republic of China and other countries and regions. Co. provides a single line of Bitcoin mining machines, under the AvalonMiner brand. The AvalonMiner Bitcoin mining machines feature Co.'s proprietary ASICs, and the ASICs are integrated with components procured by Co. including a circuit board, PMU boards, a cooling fan, heat sensors, and enclosed with an aluminum casing.
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