Nasdaq-listed Bitcoin mining company Canaan Inc. announced that its board of directors has approved a new stock repurchase plan. The company may repurchase $30 million worth of outstanding American Depositary Shares (ADS) within the next 12 months, with each ADS representing 15 Class A ordinary shares. Canaan Inc. had previously launched a stock repurchase plan, which has expired and repurchased 6,586,413 ADS in total, amounting to approximately $4.9 million.
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Canaan Technology announces $30 million stock buyback program
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