Cango Inc. (CANG) has signed the fourth amendment to its On-Rack Sales and Purchase Agreement, originally dated November 6, 2024, concerning the acquisition of crypto mining machines totaling 18 Exahash per second in hashrate.
These acquisitions are being conducted through share-settled transactions involving the issuance of Class A ordinary shares.
The latest amendment, following earlier changes made on March 26, April 3, and June 4, 2025, modifies the allocation of hashrate among key sellers, Golden TechGen Limited - GT, Fortune Peak Limited, and Silver Crest Limited. As a result, the distribution of Class A ordinary shares and potential bonus shares tied to a future triggering event has been adjusted among these parties.
Post-transaction, GT is expected to become the largest shareholder among the sellers, with an approximate 19.85 percent stake in Cango's total outstanding shares. However, the total hashrate acquired, the overall number of shares to be issued at closing, and the bonus shares tied to performance milestones remain unchanged.
The completion of these share-settled transactions is still subject to pending closing conditions. Cango noted that while it is actively working with involved parties to fulfill the necessary requirements, there is no guarantee that the deal will close on schedule, or at all.
Monday, CANG closed at $4.10, down 7.87%, and is trading after hours at $4.42, up 7.80% on the NYSE.
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