BEIJING (dpa-AFX) - Cango Inc. (CANG) announced that all resolutions presented at its extraordinary general meeting on July 17, 2025, were approved with strong shareholder support, each receiving at least 99.3 percent of total votes cast and over 81 percent approval from non-affiliate shareholders.
The approved resolutions authorize several key corporate actions, including a Securities Purchase Agreement or SPA dated June 2, 2025, for the $70 million secondary sale of 10 million Class B ordinary shares by co-founders Xiaojun Zhang and Jiayuan Lin to Enduring Wealth Capital Limited. The transaction also involves repurchasing the automatically converted Class A shares and issuing an equivalent number of Class B shares.
In addition, shareholders approved an increase in authorized share capital to support future funding and strategic initiatives, along with the adoption of the Fourth Amended and Restated Memorandum and Articles of Association to reflect the new capital structure.
The company plans to file the updated governance documents with the Cayman Islands Registrar promptly. The secondary sale is expected to close around July 22, 2025, pending customary conditions, though completion is not guaranteed.
Thursday, CANG closed at $5.18, down 2.45%, and was trading at $5.31 after hours, up 5.15%, on the NYSE.
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