Chinese crypto mining rig maker Canaan announced Wednesday its plans to buy back up to US$100 million worth of shares over the next two years.
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- The Nasdaq-listed company’s latest move comes after it completed its previous US$20 million repurchase program.
- Canaan chairman and CEO Nangeng Zhang said: “Given the strong fundamentals and cash position of the company, we would like to allocate additional capital to drive value for our shareholders.”
- Canaan said in a separate statement on Wednesday that its business outlook for the first quarter of this year is expected to be impacted by machine delivery delays due to a Covid-19 resurgence in China.
- The company reported 2 billion yuan (US$315 million) in net profit in 2021, compared to a net loss of 215.1 million yuan (US$33.9 million) in 2020.
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