SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of March 2022
Commission File Number: 001-39127
Room 2101, 21st Floor, Building 1
Yard 1, No. 81 Beiqing Road
Haidian District, Beijing, 100094
Peoples Republic of China
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F ☒ Form 40-F ☐
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐ Yes ☒ No
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐ Yes ☒ No
|99.1||Canaan Announces Up to US$100 Million Share Repurchase Program|
Pursuant to the requirements of Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
|Date: March 16, 2022||By:|
|Title:||Chairman and Chief Executive Officer|
Canaan Inc. Announces Up to US$100 Million Share Repurchase Program
BEIJING, March 16, 2022 /PRNewswire/ Canaan Inc. (NASDAQ: CAN) (Canaan or the Company), a leading high-performance computing solutions provider, today announced that its board of directors (the Board) has authorized a share repurchase program under which the Company may repurchase up to US$100 million worth of its outstanding (i) American depositary shares (ADSs), each representing 15 Class A ordinary shares, and/or (ii) Class A ordinary shares over the next 24 months starting from March 16, 2022.
Mr. Nangeng Zhang, Chairman and Chief Executive Officer of Canaan, commented, We noticed that the recent international frictions, the domestic quarantine measures for COVID-19 control, and macro factors across the capital market have adversely impacted our stock performance. Given the strong fundamentals and cash position of the Company, we would like to allocate additional capital to drive value for our shareholders. As previously disclosed, we had completed the share repurchase plan authorized in September 2021 ahead of schedule. This new share repurchase program demonstrates our confidence in the Companys long-term outlook. We remain committed to our diligent and agile operations, and believe that we are able to overcome the challenges and make greater achievements.
Under the share repurchase program, the Company may repurchase its ADSs from time to time through open market transactions at prevailing market prices, privately negotiated transactions, block trades or any combination thereof. In addition, Canaan will also effect repurchase transactions in compliance with Rule 10b5-1 and/or Rule 10b-18 under the Securities Exchange Act of 1934, as amended, and its insider trading policy. The number of ADSs repurchased and the timing of repurchases will depend on a number of factors, including, but not limited to, price, trading volume and general market conditions, along with Canaans working capital requirements and general business conditions. The Companys board of directors and/or its management will review the share repurchase program periodically, and may authorize adjustment of its terms and size. The Company plans to fund the repurchases from its existing cash balance.
About Canaan Inc.
Established in 2013, Canaan (NASDAQ: CAN), is a technology company focusing on ASIC high-performance computing chip design, chip research and development, computing equipment production, and software services. The companys vision is super computing is what we do, social enrichment is why we do it. Canaan has a rich experience in chip design and streamlined production in the ASIC field. In 2013, it released and mass produced its first ASIC Bitcoin mining machine. In 2018, Canaan released the worlds first 7nm ASIC chip, providing energy efficient computing equipment to the cryptocurrency mining industry. In the same year, Canaan released the worlds first RISC-V architecture commercial edge AI chip, further harnessing the potential of ASIC technology in the field of high-performance computing and artificial intelligence.
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as will, expects, anticipates, future, intends, plans, believes, estimates and similar statements. Among other things, the business outlook and quotations from management in this announcement, as well as Canaan Inc.s strategic and operational plans, contain forward-looking statements. Canaan Inc. may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (SEC) on Forms 20-F and 6-K, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Canaan Inc.s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Companys goals and strategies; the Companys future business development, financial condition and results of operations; the expected growth of the Bitcoin industry and the price of Bitcoin; the Companys expectations regarding demand for and market acceptance of its products, especially its Bitcoin mining machines; the Companys expectations regarding maintaining and strengthening its relationships with production partners and customers; the Companys
investment plans and strategies, fluctuations in the Companys quarterly operating results; competition in its industry in China; and relevant government policies and regulations relating to the Company and cryptocurrency. Further information regarding these and other risks is included in the Companys filings with the SEC, including its registration statement on Form F-1, as amended, and its annual reports on Form 20-F, as amended. All information provided in this press release and in the attachments is as of the date of this press release, and Canaan Inc. does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
Investor Relations Contact
Ms. Xi Zhang
Tel: +1 (347) 396-3281