Cango(CANG) Prnewswire·2025-03-26 10:00Core Viewpoint - Cango Inc. has extended the deadline for closing its proposed acquisitions of on-rack crypto mining machines to July 31, 2025, to allow for further assessment of potential revisions to the Purchase Agreement following a preliminary non-binding letter of intent from Enduring Wealth Capital Limited [1][2]. Group 1: Acquisition Details - The Company signed a Purchase Agreement for Share-Settled Transactions on November 6, 2024, which initially set a closing date of March 31, 2025 [1]. - The proposed acquisitions involve on-rack crypto mining machines with an aggregate hashrate of 18 Exahash per second [1]. - Cango completed a separate acquisition of on-rack crypto mining machines with a total hashrate of 32 Exahash for a purchase price of US$256 million in cash on November 15, 2024 [2]. Group 2: Business Operations - Cango Inc. primarily operates a leading Bitcoin mining business and has expanded its operations into the crypto assets market since November 2024 [3]. - The Company is headquartered in Shanghai, China, and has deployed its mining operations across strategic locations including North America, the Middle East, South America, and East Africa [3]. - In addition to its crypto operations, Cango has been providing automotive transaction services in China since 2010 [3].