Cango Completes On-Rack Crypto Mining Acquisitions with 18 Exahash Hashtag.
ByAinvest
Friday, Jun 27, 2025 6:32 am ET1min read
CANG--
The acquisition, which was announced on November 6, 2024, and underwent several amendments on March 26, April 3, June 4, and June 23, 2025, has been finalized after all closing conditions were met. These conditions included NYSE's authorization of the company's supplemental listing application with respect to the Class A ordinary shares issued at the closing of the Share-Settled Transactions [2].
Golden TechGen Limited (GT), the largest seller in the Share-Settled Transactions, now owns approximately 19.85% of the Company's total outstanding shares. In total, all sellers in the Share-Settled Transactions collectively own approximately 41.38% of the Company's total outstanding shares before the issuance of any Bonus Shares or Adjustment Shares [2].
Cango Inc. entered the crypto asset space in November 2024, driven by advancements in blockchain technology and the growing adoption of digital assets. The company continues to operate an online international used car export business through AutoCango.com. With the completion of this acquisition, Cango Inc. aims to further support its expansion and growth in the crypto asset space [2].
References:
[1] https://www.morningstar.com/news/pr-newswire/20250623cn14834/cango-inc-announces-fourth-amendment-to-share-settled-crypto-mining-assets-acquisitions
[2] https://www.prnewswire.com/news-releases/cango-inc-announces-closing-of-share-settled-crypto-mining-assets-acquisitions-302493158.html
MORN--
• Cango Inc. completes acquisition of on-rack crypto mining machines. • Aggregates 18 Exahash per second hashrate. • Issues 146,670,925 Class A shares to sellers. • All closing conditions met. • Supplemental listing application approved. • Cango to list new shares on NYSE.
Cango Inc. (NYSE: CANG) has successfully completed the acquisition of on-rack crypto mining machines, aggregating a total hashrate of 18 Exahash per second. The company issued 146,670,925 Class A ordinary shares to the sellers, proportionate to the aggregate hashrate of the machines sold by each seller [1].The acquisition, which was announced on November 6, 2024, and underwent several amendments on March 26, April 3, June 4, and June 23, 2025, has been finalized after all closing conditions were met. These conditions included NYSE's authorization of the company's supplemental listing application with respect to the Class A ordinary shares issued at the closing of the Share-Settled Transactions [2].
Golden TechGen Limited (GT), the largest seller in the Share-Settled Transactions, now owns approximately 19.85% of the Company's total outstanding shares. In total, all sellers in the Share-Settled Transactions collectively own approximately 41.38% of the Company's total outstanding shares before the issuance of any Bonus Shares or Adjustment Shares [2].
Cango Inc. entered the crypto asset space in November 2024, driven by advancements in blockchain technology and the growing adoption of digital assets. The company continues to operate an online international used car export business through AutoCango.com. With the completion of this acquisition, Cango Inc. aims to further support its expansion and growth in the crypto asset space [2].
References:
[1] https://www.morningstar.com/news/pr-newswire/20250623cn14834/cango-inc-announces-fourth-amendment-to-share-settled-crypto-mining-assets-acquisitions
[2] https://www.prnewswire.com/news-releases/cango-inc-announces-closing-of-share-settled-crypto-mining-assets-acquisitions-302493158.html
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