Cango Inc. (CANG), an automotive transaction service platform in China, on Thursday announced a new share repurchase program of up to $30 million worth of its outstanding shares.
Shares of Cango are increasing in the pre-market.
The share buyback includes both American depositary shares each representing two Class A ordinary shares, and Class A ordinary shares. The repurchase program will be in effect for 12 months starting from April 25.
On April 23, 2024, the company had announced a $50 million share repurchase program and purchased 996,640 ADSs from the open market for about $1.7 million as of March 10. The program will remain active until it expires on April 25.
The repurchases will be funded from the company's existing cash balance.
In the pre-market trading, Cango is 4.82% higher at $3.48 on the New York Stock Exchange.
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