BEIJING (dpa-AFX) - Cango Inc. (CANG) has finalized the acquisition of crypto mining machines with a total hashrate of 18 Exahash per second.
The deal was completed through a share-based transaction, issuing 146,670,925 Class A ordinary shares to the sellers, proportionate to the hashrate contributed by each.
Originally announced on November 6, 2024, and amended multiple times through June 2025, the transaction closed on June 27, 2025, following all necessary approvals, including NYSE's supplemental listing authorization. As a result, Golden TechGen Limited, the largest seller, now holds 19.85% of Cango's outstanding shares, while all participating sellers collectively own about 41.38%, excluding any additional Bonus or Adjustment Shares.
The acquired mining machines are actively operating in data centers primarily located in the U.S., with others hosted internationally. Cango plans to maintain these existing data center arrangements, with operations and maintenance handled by a third-party provider. The acquisition supports Cango's continued expansion into the crypto asset sector.
CANG currently trades at $4.5, or 2.97% higher on the NYSE.
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