Cango Inc. Plans $10.5M Share Issuance to Boost Voting Power
- Cango Inc., a China-based automotive services platform turned Bitcoin miner, announced plans to issue 7 million Class B ordinary shares to Enduring Wealth Capital Limited (EWCL) for $10.5 million.
- This transaction will increase EWCL’s voting influence to nearly 50% of Cango’s total voting power.
- Upon completion, EWCL’s stake will rise to approximately 4.7% of outstanding shares.
- The deal is pending NYSE approval and is expected to conclude in January 2026.
- Cango reported holding 7,419 BTC valued at around $649 million as of December 25, after mining approximately 129 BTC in the previous week.
Cango Inc.’s strategic share issuance aims to enhance EWCL’s voting power while supporting future growth in Bitcoin mining and AI data center expansion through operational excellence and power-supply control initiatives.
Source (3.2)https://cryptobriefing.com/cango-secures-capital-from-shareholder/?rand=59535
