Canaan Inc. filed an 8-K announcing the launch of an initial US$20 million share repurchase program on November 10, 2026, under a broader US$100 million authorization approved by its board of directors.

Key Highlights

  • Initial program size: Up to US$20 million in share repurchases launched under a broader US$100 million board authorization.
  • Authorization period: The overall US$100 million authorization is valid for a 12-month period beginning November 6, 2026.
  • Eligible securities: The company may repurchase its ADSs and/or Class A ordinary shares through open market transactions, privately negotiated transactions, block trades, or any combination thereof.
  • Funding source: The company plans to fund repurchases with cash on hand and other available sources of liquidity.
  • Project context cited: Chairman and CEO Nangeng Zhang referenced a 1 GW Duval County project under ERCOT's Batch Zero process and an additional 1 GW power project pipeline in Zapata County, Texas.

Canaan's Board Authorizes Phased Share Repurchase Program

Canaan Inc. (NASDAQ:CAN), headquartered in Singapore, announced on November 10, 2026, that it has launched a US$20 million initial share repurchase program as the first phase of a US$100 million authorization approved by its Board of Directors. According to the filing, the broader authorization is valid for 12 months beginning November 6, 2026, and is intended to give the company "flexibility to consider additional repurchases within the authorized limit."

The filing states that repurchases may be made through open market transactions at prevailing market prices, privately negotiated transactions, block trades, or any combination of these methods. The company disclosed that the number of shares 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 Canaan's working capital requirements and general business conditions." The Board or management will review the program periodically and may authorize adjustments to its terms and size.

In a quoted statement, Chairman and CEO Nangeng Zhang said the repurchase program "reflects our belief that our shares are trading at levels that materially undervalue the strength of our business model and long-term growth potential." Zhang also stated that as "additional funds become available," the company intends to "pursue repurchases more actively while maintaining sufficient liquidity for ongoing operations and committed projects." The filing contains forward-looking statements subject to the company's cautionary language under the U.S. Private Securities Litigation Reform Act of 1995.

What Was Disclosed

Canaan Inc. disclosed the launch of a US$20 million initial share repurchase program under a US$100 million board-approved authorization valid for 12 months from November 6, 2026, covering ADSs and/or Class A ordinary shares, to be funded with cash on hand and other available liquidity.