Benzinga | Sep 20, 2021 07:23AM EDT

Canaan Plans $20M Share Buyback

* High-performance computing solutions provider Canaan Inc's (NASDAQ:CAN) board approved a $20 million share buyback program worth outstanding ADS, each representing 15 Class A shares over the next 12 months starting from September 20.

* Canaan recently reported Q2 FY21 net earnings per ADS of $0.22.

* Canaan held $189.0 million in cash and equivalents.

* Price Action: CAN shares traded lower by 3.62% at $7.72 in the premarket session on the last check Monday.