Canaan announced an initial repurchase program of up to US$20 million, part of a US$100 million authorization lasting 12 months. The plan supports its shares, but only the initial portion is announced, not the full authorization.
A repurchase can return cash to owners and may leave each remaining share representing a larger part of the company. The announcement covers only the first part of the board-approved plan, so it does not show that the full amount will be spent.
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