Canaan Announces $30 Million ADS Share Repurchase Program
The Nasdaq-listed Bitcoin mining firm plans to buy back up to $30 million in American Depositary Shares, representing 15 Class A ordinary shares each, over the next year.
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Summary
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Terms & Concepts
American Depositary Share (ADS): A U.S.-traded equity representing shares of a foreign company, facilitating investment by American investors.
Share Repurchase Program: A corporate action where a company buys back its own shares from the market, reducing outstanding stock.
Bitcoin Mining: The process of validating Bitcoin transactions and creating new Bitcoins using computational power.