Cango Inc. Announces Closing of Share-Settled Crypto | Crypto News

HONG KONG, June 27, 2025 /PRNewswire/ — Cango Inc. (NYSE: CANG) (“Cango” or the “Company”) right now introduced that it has accomplished the beforehand introduced acquisitions of on-rack crypto mining machines with an combination hashrate of 18 Exahash per second by means of issuance of 146,670,925 Class A bizarre shares of the Company to the sellers in proportion to the mixture hashrate of the machines offered by every vendor (the “Share-Settled Transactions”).

The Company introduced signing of the On-Rack Sales and Purchase Agreement for the Share-Settled Transactions (the “Purchase Agreement”) on November 6, 2024, and amendments to the Purchase Agreement on March 26, 2025, April 3, 2025, June 4, 2025 and June 23, 2025. All closing circumstances for the Share-Settled Transactions have been glad or waived in accordance with the Purchase Agreement, together with NYSE’s authorization of the Company’s supplemental itemizing utility with respect to the Class A bizarre shares issued on the closing of the Share-Settled Transactions, and the transactions have been closed on June 27, 2025.

With closing of the Share-Settled Transactions, Golden TechGen Limited (“GT”), which is the most important vendor within the Share-Settled Transactions, at present owns roughly 19.85% of the Company’s complete excellent shares, and all of the sellers within the Share-Settled Transactions within the combination own roughly 41.38% of the Company’s complete excellent shares earlier than the issuance of any Bonus Shares or Adjustment Shares as described within the press release issued by the Company on June 4, 2025 saying the third modification to the Share-Settled Transactions.

The mining machines that the Company purchases within the Share-Settled Transactions are at present in energetic mining operation and hosted in knowledge facilities in a number of nations exterior China, with the bulk positioned within the U.S. The Company will proceed to host the machines of their current knowledge facilities and have engaged a service supplier to offer operational and upkeep companies for the machines after closing of the Share-Settled Transactions. The closing of the Share-Settled Transactions is anticipated to additional assist the Company in its growth and growth within the crypto asset space.

About Cango Inc.

Cango Inc. (NYSE: CANG) is primarily engaged within the Bitcoin mining business, with operations strategically deployed throughout North America, the Middle East, South America, and East Africa. The Company entered the crypto asset space in November 2024, pushed by developments in blockchain technology, the growing adoption of digital belongings, and its dedication to diversifying its business portfolio. In parallel, Cango continues to operate an online worldwide used car export business by means of AutoCango.com, making it simpler for world prospects to entry high-quality vehicle stock from China. For more data, please go to: www.cangoonline.com.

Safe Harbor Statement

This announcement comprises forward-looking statements. These statements are made underneath the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements might be recognized by terminology equivalent to “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and related statements. Cango might also make written or oral forward-looking statements in its periodic experiences to the SEC, in its annual report to shareholders, in press releases and different written supplies and in oral statements made by its officers, administrators or workers to 3rd events. Statements that aren’t historic details, together with statements about Cango’s beliefs and expectations, are forward-looking statements. Forward-looking statements contain inherent dangers and uncertainties. A quantity of components may trigger precise outcomes to vary materially from these contained in any forward-looking assertion, together with however not restricted to the next: the completion, modification or reversal of any transactions entered into, proposed or thought of by Cango; Cango’s objective and methods; Cango’s growth plans; Cango’s future business development, financial situation and outcomes of operations; Cango’s expectations relating to demand for, and market acceptance of, its options and companies; Cango’s expectations relating to conserving and strengthening its relationships with sellers, financial establishments, car consumers and different platform contributors; normal financial and business circumstances; and assumptions underlying or associated to any of the foregoing. Further data relating to these and different dangers is included in Cango’s filings with the SEC. All data supplied on this press release and within the attachments is as of the date of this press release, and Cango doesn’t undertake any obligation to replace any forward-looking assertion, besides as required underneath relevant law.

Investor Relations Contact

Yihe Liu
Cango Inc.
Tel: +86 21 3183 5088 ext.5581
Email: ir@cangoonline.com 

Helen Wu
Piacente Financial Communications
Tel: +86 10 6508 0677
Email: ir@cangoonline.com

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SOURCE Cango Inc.

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