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Saturday, December 9, 2023

Canaan Inc. (CAN) stock is experiencing a fall in the premarket – what’s behind it?

Canaan Inc. (CAN) stock has seen a fall of 7.74% in the premarket today. However, the last trading session closed at $7.75 with an incline of 1.71%.

US$20 Million New Share Repurchase Program

CAN stock announced on 20th September 2021 that its board of directors has approved a share repurchase program under which the Company may consider buying up to US$20 million. The Company may repurchase its ADSs through open market operations at current market prices, private placement transactions, and block trades. Lastly, Canaan will also conduct buyback transactions in accordance with the Securities Exchange Act of 1934 and its market manipulation policy.

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CAN Stock Joins the FTSE Russell Indexes

CAN stock stated that it would be included in the FTSE Global Equity Index Series China Regional Index on 17th September 2021. Firstly, FTSE Russell is a global index leader that offers investors innovative benchmarking, analytics, and data solutions. Secondly, it calculates hundreds of indexes that measure and benchmark markets and asset classes in over 70 countries. Thirdly, this encompasses 98 percent of the global investable market. Lastly, institutional and individual investors throughout the world rely heavily on FTSE Russell indices.

Unaudited Second Quarter 2021 Financial Results

CAN stock stated second quarter 2021 financial results on 9th September 2021. According to this, the total computing power sold was 5.9 million Thash/s, up 126.9% from 2.6 million Thash/s in the same quarter of 2020. On the other hand, 200.0 percent from 2.0 million Thash/s in the first quarter of 2021 which is a new high. Furthermore, the Company had RMB1,220.2 million (US$189.0 million) in cash and cash equivalents as of June 30, 2021. Total net revenues were RMB1,081.8 million increasing 507.3 percent from RMB402.8 million in the first quarter of 2021.

CAN Stock announced a change of auditor

On 14th September 2021, CAN reported that PricewaterhouseCoopers Zhong Tian LLP has been dismissed as the Company’s independent auditor. Whereas KPMG Huazhen LLP is the Company’s independent auditor.

Moreover, the Audit Committee and the Board of Directors of the Company authorized the replacement of the Company’s independent auditor. PwC’s reports on the Company’s financial statements as of and for the years ended December 31, 2020.  

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