shanghai, November 15, 2024 /PRNewswire/ — Cango Inc. (NYSE: CANG) (“Cango” or the “Company”) is a leading automotive trading services platform in the United States. chinaToday we announced that we have completed the previously announced work. factor Onrack cryptocurrency The total purchase price is a mining machine with a total hashrate of 32 Exahash (“EH”) per second. US$256 million Offered in cash (“Cash Settlement Transactions”) by Bitmain Technologies Georgia Limited and Bitmain Development Limited (collectively “Bitmain”), leading manufacturers of digital currency mining servers. The company announced a cash-settled transaction. November 6, 2024With the proposal to acquire On-Rack cryptocurrency The total purchase price for miners with a total hashrate of 18 EH from Golden TechGen Limited and certain other sellers is approx. US$144 millionThis is paid by the company issuing shares to the seller (“equity-settled transaction”, together with cash-settled transaction, “offer transaction”).
A cash payment transaction is complete after the applicable closing conditions have been met. Based on additional due diligence with the Seller, the Company and the Seller have concluded that the relevant Seller will not sell any U.S. assets with an aggregate value of: $119.5 million By providing the Company with the above, the Proposed Transaction will not require antitrust filings or clearance in the United States and the relevant closing conditions will be deemed to have been satisfied. Accordingly, the Company and Bitmain have terminated the Cash Settlement Transaction by transferring to the Company all hash computing power of the miners to be delivered in the Cash Settlement Transaction, and ownership of the machines is expected to be transferred to the Company. This will occur at a later stage as agreed by the parties.
Closing of the equity-settled transaction is subject to certain closing conditions that have not yet been met or waived, and the Company is cooperating with the relevant parties to achieve the closing of the equity-settled transaction.
About Cango
Cango Inc. (NYSE: CANG) is a leading automotive trading services platform. chinaConnects car buyers, dealers, financial institutions and other industry participants. The company was founded by pioneers in 2010. chinese Automotive Finance Industry, the company’s headquarters are: shanghai And we have a nationwide network. Cango has leveraged the competitive advantages of technological innovation and big data to build an automotive supply chain ecosystem and develop a product matrix centered on customer needs for automobile trading, automobile financing, and aftermarket services. Through collaboration with platform participants, Kango strives to make car purchasing simple and enjoyable, and to become the car purchasing service platform of choice for customers. For more information, please visit www.cangoonline.com.
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, among other things, words such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. The “Business Outlook” section and quotes from management contained in this announcement also contain forward-looking statements, including statements made by Cango in its periodic reports filed with the SEC, its annual reports to shareholders, press releases and other written materials, statements made by its officers, directors, and officers. Statements that are not historical facts, including statements about Cango’s beliefs and expectations, may be forward-looking statements, whether written or oral, provided by employees to third parties. There are many risks and uncertainties that could cause actual results to differ materially from those contained in the forward-looking statements, including but not limited to: Cango’s expansion plans; Cango’s future business development, financial condition and results of operations Cango’s expectations regarding demand for and market acceptance of its solutions and services and Cango’s expectations of maintaining and strengthening its relationships with dealers, financial institutions, automobile buyers and other platform participants General economic and business conditions The circumstances and assumptions underlying or relating to the foregoing are contained in Cango’s filings with the SEC and all information contained in this press release. They speak only as of the date hereof, and Cango undertakes no obligation to update any forward-looking statements, except as required by applicable law.
Investor Relations Contact
Liu Yihe
Cango Co., Ltd.
Phone: +86 21 3183 5088 extension 5581
Email: ir@cangoonline.com
Helen Wu
Fun financial communication
Phone: +86 10 6508 0677
Email: ir@cangoonline.com
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SOURCE Cango Inc.
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