Cango Finalizes $65 Million Strategic Investment, Secures $10 Million Convertible Note Financing

Cango, a NYSE-listed Bitcoin mining company, said it has completed two financing transactions. The company closed a $65 million strategic investment by issuing 49,242,424 shares of Class A common stock to two entities wholly controlled by Chairman Xin Jin and Director ChangWei Chiu, respectively. The deal settled on March 31, with proceeds paid in USDT. Cango also signed a securities purchase agreement with Hong Kong-listed financial services group DL Holdings Group Limited, issuing a $10 million convertible note along with warrants to purchase up to 370,370 shares of Class A common stock. The warrants carry an exercise price of $2.70 per share.