Cango Inc. (NYSE: CANG) (“Cango” or the “Company”), a leading Bitcoin miner leveraging its global operations to develop an integrated energy and AI compute platform, announced that it closed the previously announced US$10.5 million equity investment from Enduring Wealth Capital Limited (“EWCL”), and entered into definitive agreements with entities wholly-owned by Mr. Xin Jin, Chairman of the Company, and Mr. Chang-Wei Chiu, a director of the Company, pursuant to which these entities agreed to make equity investments in the aggregate amount of US$65 million in the Company.
As previously announced, the Company entered into an investment agreement with EWCL on December 29, 2025, and pursuant to the agreement, the Company recently issued 7 million Class B ordinary shares, each carrying 20 votes per share, to EWCL at a price of US$1.50 per share (the “Class B Investment”). After closing of the Class B Investment, EWCL’s beneficial ownership increased from approximately 2.81% to approximately 4.71% of the Company’s total outstanding ordinary shares, and its voting power increased from approximately 36.68% to approximately 49.71% of the Company’s total voting power.
To reaffirm their confidence in the Company’s strategic trajectory and future business prospects, Mr. Jin and Mr. Chiu indicated to the Company their interests in making equity investments in the Company. Upon approval of the Company’s audit committee and the board of directors, the Company entered into (i) an investment agreement with Fortune Peak Limited (“FPL”), an entity wholly owned by Mr. Chiu, pursuant to which the Company agrees to issue to FPL, and FPL agrees to subscribe for, 29,975,137 Class A ordinary shares of the Company, each carrying one vote per share, for an aggregate purchase price of US$39,567,181 (the “Mr. Chiu Class A Investment”), and (ii) an investment agreement with Armada Network Limited (“ANL”), an entity wholly owned by Mr. Jin, pursuant to which the Company agrees to issue to ANL, and ANL agrees to subscribe for, 19,267,287 Class A ordinary shares of the Company, each carrying one vote per share, for an aggregate purchase price of US$25,432,819 (the “Mr. Jin Class A Investment”, together with the Mr. Chiu Class A Investment, the “Proposed Class A Investments”). The purchase price implied a per-share price of US$1.32 and was determined by the parties with reference to the closing price of the Class A ordinary shares of the Company over the preceding four weeks.
Upon closing of both the Mr. Jin Class A Investment and the Mr. Chiu Class A Investment, Mr. Chiu is expected to hold approximately 11.99% of the total outstanding shares, and approximately 6.71% of the total voting power of the Company’s outstanding shares; and Mr. Jin is expected to hold approximately 4.70% of the total outstanding shares and approximately 2.63% of the total voting power of the Company’s outstanding shares.
The Company intends to use the proceeds from the Class B Investment and the Proposed Class A Investments to support its expansion into AI and computing infrastructure, while further strengthening its balance sheet.
Closing of each of the Mr. Jin Class A Investment and the Mr. Chiu Class A Investment is subject to certain customary closing conditions, including the requisite approvals by the New York Stock Exchange. While closing of the two Proposed Class A Investments are separate and not conditional upon each other, the Company expects to close both Proposed Class A Investments in February 2026. There can be no assurance that all the closing conditions will be satisfied for either Proposed Class A Investment, or that either Proposed Class A Investment will be completed.