SHANGHAI, Nov. 15, 2024 /PRNewswire/ — Cango Inc. (NYSE: CANG) (“Cango” or the “Firm”), a number one automotive transaction service platform in China, at present introduced that it has accomplished the beforehand introduced acquisition of on-rack crypto mining machines with an combination hashrate of 32 Exahash per second (“EH”) for a complete buy value of US$256 million in money (the “Money-Settled Transaction”) from Bitmain Applied sciences Georgia Restricted and Bitmain Improvement Restricted (collectively, “Bitmain”), a number one producer of digital foreign money mining servers. The Firm introduced the Money-Settled Transaction on November 6, 2024, along with its proposed acquisition of on-rack crypto mining machines with an combination hashrate of 18 EH from Golden TechGen Restricted and sure different sellers for a complete buy value of roughly US$144 million, which shall be paid by issuance of shares to the sellers by the Firm (the “Share-Settled Transactions” and along with the Money-Settled Transaction, the “Proposed Transactions”).
The Money-Settled Transaction was consummated after the related closing circumstances are happy. Based mostly on additional due diligence with the sellers, the Firm and the sellers have concluded that no associated sellers will promote U.S. belongings with an combination worth of US$119.5 million or extra to the Firm within the Proposed Transactions, and due to this fact the anti-trust submitting and clearance within the U.S. just isn’t required for the Proposed Transactions and the related closing situation is deemed to have been happy. As such, the Firm and Bitmain closed the Money-Settled Transaction by task to the Firm of all hash computing energy of the mining machines to be delivered within the Money-Settled Transaction, and switch of those machines’ possession to the Firm is anticipated to happen at a later stage as agreed by the events.
The closing of the Share-Settled Transactions is topic to sure closing circumstances which might be but to be happy or waived and the Firm is working with the related events in direction of the closing of the Share-Settled Transactions.
About Cango Inc.
Cango Inc. (NYSE: CANG) is a number one automotive transaction service platform in China, connecting automobile consumers, sellers, monetary establishments, and different trade individuals. Based in 2010 by a gaggle of pioneers in China’s automotive finance trade, the Firm is headquartered in Shanghai and has a nationwide community. Leveraging its aggressive benefits in technological innovation and large knowledge, Cango has established an automotive provide chain ecosystem, and developed a matrix of merchandise centering on buyer wants for auto transactions, auto financing and after-market companies. By working with platform individuals, Cango endeavors to make automobile purchases easy and pleasing, and make itself prospects’ automobile buy service platform of selection. For extra info, please go to: www.cangoonline.com.
Protected Harbor Assertion
This announcement comprises forward-looking statements. These statements are made below the “protected harbor” provisions of the US Personal Securities Litigation Reform Act of 1995. These forward-looking statements might be recognized by terminology reminiscent of “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and related statements. Amongst different issues, the “Enterprise Outlook” part and quotations from administration on this announcement, comprise forward-looking statements. Cango may make written or oral forward-looking statements in its periodic stories to the SEC, in its annual report back to shareholders, in press releases and different written supplies and in oral statements made by its officers, administrators or staff to 3rd events. Statements that aren’t historic details, together with statements about Cango’s beliefs and expectations, are forward-looking statements. Ahead-looking statements contain inherent dangers and uncertainties. A lot of components might trigger precise outcomes to vary materially from these contained in any forward-looking assertion, together with however not restricted to the next: Cango’s aim and techniques; Cango’s enlargement plans; Cango’s future enterprise improvement, monetary situation and outcomes of operations; Cango’s expectations relating to demand for, and market acceptance of, its options and companies; Cango’s expectations relating to protecting and strengthening its relationships with sellers, monetary establishments, automobile consumers and different platform individuals; basic financial and enterprise circumstances; and assumptions underlying or associated to any of the foregoing. Additional info relating to these and different dangers is included in Cango’s filings with the SEC. All info offered on this press launch and within the attachments is as of the date of this press launch, and Cango doesn’t undertake any obligation to replace any forward-looking assertion, besides as required below relevant legislation.
Investor Relations Contact
Yihe Liu
Cango Inc.
Tel: +86 21 3183 5088 ext.5581
Electronic mail: ir@cangoonline.com
Helen Wu
Piacente Monetary Communications
Tel: +86 10 6508 0677
Electronic mail: ir@cangoonline.com
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SOURCE Cango Inc.
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