Cango ( (CANG) ) has issued an announcement.
Cango Inc. announced an extension of the deadline to close its share-settled crypto mining assets acquisitions to July 31, 2025. This extension allows the company and sellers additional time to assess potential revisions to the purchase agreement due to a preliminary non-binding letter of intent from Enduring Wealth Capital Limited, which proposes acquiring control of Cango and disposing of its existing business in China. Previously, Cango completed a cash-settled acquisition of crypto mining machines with a hashrate of 32EH for $256 million in November 2024. The completion of the share-settled transactions remains uncertain as certain conditions are yet to be met.
More about Cango
Cango Inc. primarily operates a leading Bitcoin mining business, headquartered in Shanghai, China. The company has expanded its operations into the crypto assets market, deploying mining operations across strategic locations in North America, the Middle East, South America, and East Africa. Cango also continues to operate an automotive transaction service in China, aiming to simplify car purchases.
YTD Price Performance: -16.33%
Average Trading Volume: 472,861
Technical Sentiment Signal: Sell
Current Market Cap: $457.5M
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