HONG KONG, June 27, 2025 /PRNewswire/ — Cango Inc. (NYSE: CANG), referred to as “Cango” or the “Company”, has officially announced the completion of its previously disclosed acquisitions. The acquisitions involved on-rack crypto mining equipment, possessing a combined computational power of 18 Exahash per second. This transaction was executed through the issuance of 146,670,925 Class A ordinary shares of the Company to the sellers, proportional to the hashrate of the equipment each seller contributed in the “Share-Settled Transactions.”
The initial agreement, known as the On-Rack Sales and Purchase Agreement for the Share-Settled Transactions (the “Purchase Agreement”), was first declared by the Company on November 6, 2024. Subsequent amendments to the Purchase Agreement were announced on March 26, 2025, April 3, 2025, June 4, 2025, and June 23, 2025. All prerequisites for the Share-Settled Transactions have now been met or formally waived, as stipulated in the Purchase Agreement. This includes the New York Stock Exchange’s (NYSE) approval of the Company’s additional listing application relating to the Class A ordinary shares issued at the Share-Settled Transactions’ closing. The transaction formally concluded on June 27, 2025.
Following the closure of the Share-Settled Transactions, Golden TechGen Limited (“GT”), identified as the largest seller within the Share-Settled Transactions, now possesses approximately 19.85% of Cango’s total outstanding shares. Collectively, the sellers involved in the Share-Settled Transactions hold around 41.38% of the Company’s total outstanding shares. This calculation is made before accounting for any potential issuance of Bonus Shares or Adjustment Shares, as outlined in the press release issued by Cango on June 4, 2025, which announced the third amendment to the Share-Settled Transactions.
The acquired mining machines, as part of the Share-Settled Transactions, are currently operational and hosted in data centers located in various countries outside of China, with the majority being situated in the U.S. Cango plans to continue hosting these machines within their existing data center facilities. The company has also secured a service agreement with a specialized provider to manage the operational and maintenance aspects of the equipment after the Share-Settled Transactions’ completion. The closing of these transactions is projected to provide significant support for Cango’s broader expansion and growth initiatives within the crypto asset industry.
About Cango Inc.
Cango Inc. (NYSE: CANG) focuses primarily on the Bitcoin mining sector. Its operational footprint strategically spans across North America, the Middle East, South America, and East Africa. The Company’s entry into the crypto asset domain occurred in November 2024, driven by advancements in blockchain technology, increasing adoption of digital currencies, and a strategic initiative to broaden its overall business portfolio. Concurrently, Cango continues its online international used car export business through AutoCango.com, aiming to provide global customers with access to high-quality used vehicle inventory sourced from China. For further details, please visit: www.cangoonline.com.
Safe Harbor Statement
This announcement incorporates forward-looking statements, protected under the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These statements are identifiable by terms such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” and similar expressions. Cango may also issue forward-looking statements in SEC filings, annual shareholder reports, press releases, written materials, and oral statements from its officers, directors, or employees. Statements not based on historical facts, including those expressing Cango’s beliefs and expectations, are considered forward-looking. These statements inherently involve risks and uncertainties that could cause actual results to deviate significantly from projections. Key factors influencing these differences include, but aren’t limited to: the completion, modification, or cancellation of any transactions entered into, proposed, or considered by Cango; Cango’s overarching goals and strategic direction; Cango’s expansion strategies; Cango’s future business progress, financial health, and operational outcomes; Cango’s projections concerning the demand for and market acceptance of its solutions and services; Cango’s focus on maintaining and improving relationships with dealerships, financial institutions, car buyers, and other platform participants; prevailing economic and business conditions; and underlying assumptions related to the mentioned factors. More detailed information on these and other potential risks is available in Cango’s filings with the SEC. All information within this release and attachments is current as of this press release date. Cango assumes no responsibility to update any forward-looking statements, except as legally mandated.
Investor Relations Contact
Yihe Liu
Cango Inc.
Tel: +86 21 3183 5088 ext.5581
Email: [email protected]
Helen Wu
Piacente Financial Communications
Tel: +86 10 6508 0677
Email: [email protected]
SOURCE Cango Inc.