Cango Closes $65M Strategic Investment and $10M Convertible Financing

Cango, a NYSE-listed Bitcoin mining company, said it has completed two financing transactions. The company closed a $65 million strategic investment through the issuance of 49,242,424 Class A ordinary shares to two entities wholly controlled by Chairman Xin Jin and Director ChangWei Chiu. The transaction was settled on March 31, with the consideration paid in USDT. Cango also signed an agreement with HKEX-listed DL Holdings Group Limited to issue $10 million of convertible notes, together with warrants for up to 370,370 Class A ordinary shares. The warrants carry an exercise price of $2.70 per share.