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Cango Rallies On News Of Special Dividend, Share Buyback

Shares of Cango Inc. (CANG) are up more than 20% Monday morning at $2.85.

The Chinese automotive transaction service platform on Friday, after closing the market, declared a special dividend of $1 per ADS to be paid on June 15 to shareholders of record as on May 25.

Further, the company announced its decision to buy back shares worth up to $50 million over the next 12 months starting from April 25.

As per the the new share repurchase program, the company plans to buy back its ADSs from time to time through open market at prevailing market prices, privately negotiated transactions, or block trades, Cango said.

CANG has been trading in the range of $1.95-$7.22 in the past 52 weeks.

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