Cango Inc. (CANG), engaged in Bitcoin mining business, Monday announced a securities purchase agreement with Enduring Wealth Capital Ltd. to sell an aggregate of 10,000,000 Class B ordinary shares a total purchase price of up to $70 million.
Earlier on March 14, Enduring Wealth Capital had sent a preliminary non-binding letter of intent to the board on, proposing a series of transactions and changes. The Company disposed all of its business in the PRC on May 27, 2025. The Agreement announced today finalized the terms of the remaining transactions and changes contemplated by the Letter of Intent.
In addition, the Board and management team of the Company will be restructured in such manner as requested by EWCL conditional upon and effective immediately after closing of the Resale Transaction.
If the Company's acquisitions of on-rack crypto mining machines with an aggregate hashrate of 18 Exahash per second through issuance of Class A ordinary shares as previously announced by the Company.
Further, the company said if the 'Share-Settled Transactions' are not consummated, Enduring Wealth Capital will hold approximately 4.81% of the Company's total outstanding shares and 50.28% of the total voting power of the outstanding shares of the Company, and the Founders collectively will hold 31.63% of the Company's total outstanding shares.
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