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Cango Inc. Announces Results of Second Extraordinary General Meeting

2025-07-17 11:05:15

Cango Inc. Announces Results of Second Extraordinary General Meeting

Main Idea

Cango Inc. announced the approval of a secondary sale of 10 million Class B ordinary shares by co-founders to Enduring Wealth Capital Limited for US$70 million, along with a share capital repurchase, following its Second Extraordinary General Meeting.

Key Points

1. Cango Inc. held its Second Extraordinary General Meeting on July 17, 2025, where key resolutions were passed.

2. The approved resolutions include the secondary sale of 10 million Class B ordinary shares by co-founders Xiaojun Zhang and Jiayuan Lin to Enduring Wealth Capital Limited for US$70 million.

3. The company will repurchase shares to adjust its authorized share capital to support future financing.

4. The closing of the secondary sale is expected around July 22, 2025, subject to customary closing conditions.

5. Cango Inc. is primarily engaged in Bitcoin mining and entered the crypto asset space in November 2024, alongside its used car export business through AutoCango.com.

Description

BitcoinWorld Cango Inc. Announces Results of Second Extraordinary General Meeting HONG KONG , July 17, 2025 /PRNewswire/ — Cango Inc. (NYSE: CANG) (“Cango” or the “Company”) today announced that all resolutions presented to shareholders at its extraordinary general meeting held on July 17, 2025 (the “Second Extraordinary General Meeting”) were duly passed. Each was approved by no less than 99.3% of the total votes cast, and no less than 81% of the votes cast by non-affiliate shareholders of the ...

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