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Cango Inc. Completes PRC Business Sale, Strengthens Board to Drive Global Bitcoin Focus

1. Cango finalized a $351.94M divestment of its PRC business. 2. The move strengthens Cango's focus on global Bitcoin mining leadership. 3. New board members bring expertise in Fintech and digital finance. 4. Cango aims for rapid expansion in strategic regions post-transaction. 5. The company will terminate its 'China Concept Stock' status.

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FAQ

Why Bullish?

Cango's divestment enhances liquidity and focus, setting up for growth opportunities, similar to other tech firms that improved after strategic divestitures.

How important is it?

The strategic divestment and new board appointments are pivotal for Cango’s future potential in a growing Bitcoin market.

Why Long Term?

Cango's restructuring and market focus are expected to yield benefits over time, reflecting historical trends of companies that streamlined operations for growth.

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BTCRIOTMARAHUTBITF
, /PRNewswire/ -- Cango Inc. (NYSE: CANG) ("Cango" or the "Company"), a rapidly expanding leader in Bitcoin mining, has finalized the divestment of all its business in the PRC (the "PRC Business"), a strategic transaction valued at approximately US$351.94 million in cash with Ursalpha Digital Limited. The sale, which closed on May 27, 2025, decisively repositions Cango to concentrate its full financial and operational capabilities on accelerating its leadership in the global Bitcoin mining industry. This pivotal move unlocks significant resources and facilitates Cango's rapid expansion of its Bitcoin mining across key strategic regions, including North America, the Middle East, South America, and East Africa, leveraging emerging opportunities in the digital finance sector. This transaction also represents a transformative step for Cango, cementing its strategic shift to a focused leader in global Bitcoin mining. The Company is now streamlined and better capitalized, positioning it to aggressively pursue its growth objectives and enhance shareholder value. As part of this strategic realignment, the Company has further restructured its Board of Directors with the appointment of two new members, effective May 27, 2025, bringing deep expertise in Fintech, AI, Web 3.0, and global capital markets to steer Cango's Bitcoin-focused future. Looking ahead, this enhanced board composition reinforces Cango's commitment to innovation and strengthens its position for leadership in the rapidly evolving digital finance landscape. The initial agreements for the sale of PRC Business were announced on April 3, 2025, with shareholder approval obtained on May 16, 2025. Following the divestment, the Company will apply to the China Securities Regulatory Commission ("CSRC") to terminate its "China Concept Stock" status. About Cango Inc. Cango Inc. (NYSE: CANG) is primarily engaged in the Bitcoin mining business, with operations strategically deployed across North America, the Middle East, South America, and East Africa. The Company entered the crypto asset space in November 2024, driven by advancements in blockchain technology, the growing adoption of digital assets, and its commitment to diversifying its business portfolio. In parallel, Cango continues to operate an online international used car export business through AutoCango.com, making it easier for global customers to access high-quality vehicle inventory from China. For more information, please visit: www.cangoonline.com. Media Contact Juliet YeCango Inc.Tel: +86 21 3183 5088 ext.5581Email: [email protected]  SOURCE Cango Inc. WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM? 440k+ Newsrooms & Influencers 9k+ Digital Media Outlets 270k+ Journalists Opted In

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