06:27 AM EDT, 05/27/2025 (MT Newswires) -- Canaan (CAN) said Tuesday that its board has authorized a share repurchase program of up to $30 million of its American depositary shares or Class A ordinary shares over the next six months.

The company said it plans to fund the repurchases with its existing cash balance.

Canaan's shares rose more than 9% in recent premarket activity on Tuesday.

Price: 0.69, Change: +0.058, Percent Change: +9.22