Workflow
Cango Inc. Announces Up to US$30 Million New Share Repurchase Program
CANGCango(CANG) Prnewswire·2025-03-13 10:00

Core Viewpoint - Cango Inc. has announced a new share repurchase program allowing for the repurchase of up to US30millionworthofitsoutstandingsharesoverthenext12monthsstartingfromApril25,2025[1]Group1:ShareRepurchasePrograms−ThenewsharerepurchaseprogramwillallowCangotorepurchasesharesthroughvariousmeansincludingopenmarketpurchasesandprivatelynegotiatedtransactions,dependingonmarketconditionsandthecompany′sworkingcapital[2]−CangopreviouslyannouncedanexistingsharerepurchaseprogramonApril23,2024,underwhichitmayrepurchaseuptoUS30 million worth of its outstanding shares over the next 12 months starting from April 25, 2025 [1] Group 1: Share Repurchase Programs - The new share repurchase program will allow Cango to repurchase shares through various means including open market purchases and privately negotiated transactions, depending on market conditions and the company's working capital [2] - Cango previously announced an existing share repurchase program on April 23, 2024, under which it may repurchase up to US50 million worth of shares, having already repurchased 996,640 ADSs for approximately US$1.7 million as of March 10, 2025 [3] Group 2: Company Overview - Cango Inc. operates primarily in the Bitcoin mining sector and has expanded its operations into the crypto assets market since November 2024, while also providing automotive transaction services in China since 2010 [4]