Canaan Technology announced an extension of its $30 million share buyback program, extending it to 12 months.

PANews reported on December 17th that, according to PR Newswire, the board of directors of Canaan Inc. (NASDAQ: CAN) has authorized a repurchase of up to $30 million worth of ADS or Class A ordinary shares over the next 12 months, funded by existing cash. The company stated that it will conduct the repurchase through open market, private placement, or block trades, complying with the Securities Exchange Act of 1934 and its insider trading policy. The pace of the repurchase will depend on price, trading volume, and market conditions. The previous six-month repurchase program, which began on May 27th, has expired, with a cumulative repurchase of 6.5864 million ADSs, totaling approximately $4.9 million, including 1.5053 million ADSs, worth approximately $1.5 million, repurchased between November 19th and 27th. The company may adjust the size and terms of the program as needed.