Cango Closes $65 Million Strategic Investment, Adds $10 Million Convertible Note Deal with DL Holdings

Cango Inc. (NYSE: CANG) said it has completed two financing transactions totaling $75 million. The company closed a $65 million strategic investment through the issuance of 49,242,424 shares of Class A common stock to two entities wholly controlled by Chairman Xin Jin and Director ChangWei Chiu. The transaction closed on March 31, with proceeds settled in USDT. Separately, Cango signed a securities purchase agreement with DL Holdings Group Limited (HKEX: 1709) to issue a $10 million convertible note along with warrants for up to 370,370 shares of Class A common stock. The warrants carry an exercise price of $2.70 per share. Cango said it plans to use the proceeds to fund upstream acquisitions and expand its AI and computing infrastructure. The two sides also signed a memorandum of understanding under which DL Holdings indicated an intention to pursue joint strategic investments with Cango of up to $10 million in cryptocurrency mining facilities and artificial intelligence, subject to due diligence and the execution of definitive agreements.