SHANGHAI, Nov. 15,
2024 /PRNewswire/ -- Cango Inc. (NYSE: CANG) ("Cango"
or the "Company"), a leading automotive transaction service
platform in China, today announced
that it has completed the previously announced acquisition of on-rack crypto
mining machines with an aggregate hashrate of 32 Exahash per second
("EH") for a total purchase price of US$256
million in cash (the "Cash-Settled Transaction") from
Bitmain Technologies Georgia Limited and Bitmain Development
Limited (together, "Bitmain"), a leading manufacturer of digital
currency mining servers. The Company announced the Cash-Settled
Transaction on November 6, 2024,
together with its proposed acquisition of on-rack
crypto mining machines with an aggregate hashrate of
18 EH from Golden TechGen Limited and certain other sellers for a
total purchase price of approximately US$144
million, which will be paid through issuance of shares to
the sellers by the Company (the "Share-Settled Transactions" and
together with the Cash-Settled Transaction, the "Proposed
Transactions").
The Cash-Settled Transaction was consummated after the relevant
closing conditions are satisfied. Based on further due diligence
with the sellers, the Company and the sellers have concluded that
no related sellers will sell U.S. assets with an aggregate value of
US$119.5 million or more to the
Company in the Proposed Transactions, and therefore the anti-trust
filing and clearance in the U.S. is not required for the Proposed
Transactions and the relevant closing condition is deemed to have
been satisfied. As such, the Company and Bitmain closed the
Cash-Settled Transaction through assignment to the Company of all
hash computing power of the mining machines to be delivered in the
Cash-Settled Transaction, and transfer of these machines' ownership
to the Company is expected to occur at a later stage as agreed by
the parties.
The closing of the Share-Settled Transactions is subject to
certain closing conditions that are yet to be satisfied or waived
and the Company is working with the relevant parties towards the
closing of the Share-Settled Transactions.
About Cango Inc.
Cango Inc. (NYSE: CANG) is a leading automotive transaction
service platform in China,
connecting car buyers, dealers, financial institutions, and other
industry participants. Founded in 2010 by a group of pioneers in
China's automotive finance
industry, the Company is headquartered in Shanghai and has a nationwide network.
Leveraging its competitive advantages in technological innovation
and big data, Cango has established an automotive supply chain
ecosystem, and developed a matrix of products centering on customer
needs for auto transactions, auto financing and after-market
services. By working with platform participants, Cango endeavors to
make car purchases simple and enjoyable, and make itself customers'
car purchase service platform of choice. For more information,
please visit: www.cangoonline.com.
Safe Harbor Statement
This announcement contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the
United States Private Securities Litigation Reform Act of 1995.
These forward-looking statements can be identified by terminology
such as "will," "expects," "anticipates," "future," "intends,"
"plans," "believes," "estimates" and similar statements. Among
other things, the "Business Outlook" section and quotations from
management in this announcement, contain forward-looking
statements. Cango may also make written or oral forward-looking
statements in its periodic reports to the SEC, in its annual report
to shareholders, in press releases and other written materials and
in oral statements made by its officers, directors or employees to
third parties. Statements that are not historical facts, including
statements about Cango's beliefs and expectations, are
forward-looking statements. Forward-looking statements involve
inherent risks and uncertainties. A number of factors could cause
actual results to differ materially from those contained in any
forward-looking statement, including but not limited to the
following: Cango's goal and strategies; Cango's expansion plans;
Cango's future business development, financial condition and
results of operations; Cango's expectations regarding demand for,
and market acceptance of, its solutions and services; Cango's
expectations regarding keeping and strengthening its relationships
with dealers, financial institutions, car buyers and other platform
participants; general economic and business conditions; and
assumptions underlying or related to any of the foregoing. Further
information regarding these and other risks is included in Cango's
filings with the SEC. All information provided in this press
release and in the attachments is as of the date of this press
release, and Cango does not undertake any obligation to update any
forward-looking statement, except as required under applicable
law.
Investor Relations Contact
Yihe Liu
Cango Inc.
Tel: +86 21 3183 5088 ext.5581
Email: ir@cangoonline.com
Helen Wu
Piacente Financial Communications
Tel: +86 10 6508 0677
Email: ir@cangoonline.com
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SOURCE Cango Inc.
