HANGZHOU, China, Sept. 08, 2020 (GLOBE NEWSWIRE) — Canaan Inc. (NASDAQ: CAN) (“Canaan” or the “Corporate”), a number one high-performance computing answers supplier, nowadays introduced that its board of administrators has approved a percentage repurchase program beneath which the Corporate would possibly repurchase as much as US$10 million price of its remarkable (i) American depositary stocks (“ADSs”), each and every representing 15 Magnificence A strange stocks, and/or (ii) Magnificence A strange stocks over the following 12 months ranging from September 22, 2020.
Beneath the proportion repurchase program, the Corporate would possibly repurchase its ADSs every so often thru open marketplace transactions at prevailing marketplace costs, privately negotiated transactions, block trades or any mixture thereof. As well as, Canaan will even impact repurchase transactions in compliance with Rule 10b5-1 and/or Rule 10b-18 beneath the Securities Trade Act of 1934, as amended, and its insider buying and selling coverage. The choice of ADSs repurchased and the timing of repurchases is dependent upon quite a few components, together with, however now not restricted to, worth, buying and selling quantity and normal marketplace prerequisites, in conjunction with Canaan’s operating capital necessities and normal industry prerequisites. The Corporate’s board of administrators and/or its control will assessment the proportion repurchase program periodically, and would possibly authorize adjustment of its phrases and dimension. The Corporate plans to fund the repurchases from its current money steadiness.
About Canaan Inc.
Established in 2013, Canaan Inc. supplies high-performance computing answers to successfully remedy advanced issues. In 2016, Canaan effectively initiated the manufacturing of its first 16nm chip and handed the check to obtain China’s nationwide high-tech undertaking certification. In 2018, Canaan accomplished primary technological breakthroughs to release the Okay210, the sector’s first-ever RISC-V-based edge synthetic intelligence (AI) chip, which is now broadly used for get admission to keep an eye on in eventualities comparable to good door locks and extra. Canaan Inc. is lately targeted at the analysis and building of complex era, together with such spaces as AI chips, AI algorithms, AI architectures, machine on a chip (SoC) integration and chip integration. The use of the AI chip as its base, Canaan Inc. has established an highbrow price chain. Canaan Inc. additionally supplies a collection of AI provider answers and is in a position to tailor those answers to the wishes of its companions. For more info, please discuss with: investor.canaan-creative.com.
Secure Harbor Commentary
This announcement comprises ahead−having a look statements. Those statements are made beneath the “secure harbor” provisions of the U.S. Non-public Securities Litigation Reform Act of 1995. Those ahead−having a look statements will also be recognized by means of terminology comparable to “will,” “expects,” “anticipates,” “long term,” “intends,” “plans,” “believes,” “estimates” and equivalent statements. Amongst different issues, the industry outlook and quotations from control on this announcement, in addition to Canaan Inc.’s strategic and operational plans, include ahead−having a look statements. Canaan Inc. may additionally make written or oral ahead−having a look statements in its periodic stories to the U.S. Securities and Trade Fee (“SEC”) on Bureaucracy 20−F and six−Okay, in its annual report back to shareholders, in press releases and different written fabrics and in oral statements made by means of its officials, administrators or workers to 3rd events. Statements that aren’t historic info, together with statements about Canaan Inc.’s ideals and expectancies, are ahead−having a look statements. Ahead−having a look statements contain inherent dangers and uncertainties. Quite a few components may reason precise effects to range materially from the ones contained in any ahead−having a look remark, together with however now not restricted to the next: the Corporate’s objectives and techniques; the Corporate’s long term industry building, monetary situation and result of operations; the anticipated expansion of the Bitcoin business and the cost of Bitcoin; the Corporate’s expectancies relating to call for for and marketplace acceptance of its merchandise, particularly its Bitcoin mining machines; the Corporate’s expectancies relating to keeping up and strengthening its relationships with manufacturing companions and shoppers; the Corporate’s funding plans and techniques, fluctuations within the Corporate’s quarterly running effects; pageant in its business in China; and related executive insurance policies and rules when it comes to the Corporate and cryptocurrency. Additional knowledge relating to those and different dangers is incorporated within the Corporate’s filings with the SEC, together with its registration remark on Shape F−1, as amended, and its annual stories on Shape 20−F. All knowledge supplied on this press unlock and within the attachments is as of the date of this press unlock, and Canaan Inc. does now not adopt any legal responsibility to replace any ahead−having a look remark, aside from as required beneath acceptable legislation.
Investor Members of the family Touch
Mr. Shaoke Li
E-mail: [email protected]
Tel: +1 (347) 396-3281
E-mail: [email protected]