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<p xmlns="http://www.w3.org/1999/xhtml"><span xmlns="http://www.w3.org/1999/xhtml" class="legendSpanClass">DALLAS</span>, <span xmlns="http://www.w3.org/1999/xhtml" class="legendSpanClass">April 1, 2026</span> /PRNewswire/ -- Cango Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/CANG">CANG</a>) (&#34;Cango&#34; or the &#34;Company&#34;), a leading <span xmlns="http://www.w3.org/1999/xhtml">Bitcoin</span> miner leveraging its global operations to develop an integrated energy and AI compute platform, today announced two significant capital transactions: the closing of a US$65.0 million strategic investment from members of Company leadership, and the execution of a US$10.0 million convertible note financing agreement with DL Holdings Group Limited (HKEX: 1709) (&#34;DL Holdings&#34;), a Hong Kong-listed financial services group. The Company and DL Holdings have also entered into a memorandum of understanding (&#34;MOU&#34;) establishing a forward-looking strategic cooperation framework.</p>
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<p xmlns="http://www.w3.org/1999/xhtml"><b xmlns="http://www.w3.org/1999/xhtml">Closing of US$65.0 Million Strategic Investment</b></p><p xmlns="http://www.w3.org/1999/xhtml">Pursuant to the definitive investment agreements previously announced on February 12, 2026, the Company issued and sold an aggregate of 49,242,424 Class A ordinary shares (the &#34;Class A Ordinary Shares&#34;) to two entities, each wholly-owned by Mr. Xin Jin, Chairman of the Company&#39;s board of directors, and Mr. Chang-Wei Chiu, a director of the Company, respectively. The transaction closed on March 31, 2026, generating net proceeds equivalent to US$65.0 million, settled in USDT. This investment underscores the leadership team&#39;s confidence in Cango&#39;s strategic direction and long-term growth outlook while substantially reinforcing its capital structure.</p><p xmlns="http://www.w3.org/1999/xhtml"><b xmlns="http://www.w3.org/1999/xhtml">US$10 Million Convertible Note Financing and Strategic Partnership with DL Holdings</b></p><p xmlns="http://www.w3.org/1999/xhtml">Separately, the Company entered into a securities purchase agreement (the &#34;SPA&#34;) with DL Holdings, a Hong Kong-listed financial services group, marking a significant milestone in establishing the foundation for sustained strategic collaboration between the two companies. Pursuant to the SPA, the Company issued and sold to DL Holdings (i) a convertible note in the principal amount of US$10,000,000 (the &#34;Note&#34;) and (ii) a warrant to purchase up to 370,370 Class A Ordinary Shares at an exercise price of US$2.70 per Class A Ordinary Share, subject to adjustment as provided therein (the &#34;Warrant&#34;).</p><p xmlns="http://www.w3.org/1999/xhtml">The Company intends to use the proceeds from the Note issuance for its potential upstream acquisitions and to support its expansion into AI and computing infrastructure.</p><p xmlns="http://www.w3.org/1999/xhtml">In addition, the Company entered into an MOU with DL Holdings, outlining a proposed strategic cooperation framework. Under the MOU, DL Holdings has expressed its intention to make one or more strategic investments along with the Company, with an aggregate potential value of up to US$10 million. The contemplated investments are aimed at supporting the Company&#39;s initiatives in <span xmlns="http://www.w3.org/1999/xhtml">cryptocurrency</span> mining facilities and artificial intelligence. Any such investment would be subject to satisfactory due diligence and the execution of definitive binding agreements. Except for certain customary provisions, the MOU does not create legally binding obligations.</p><p xmlns="http://www.w3.org/1999/xhtml">Mr. Chang-Wei Chiu, a director of the Company who beneficially owns approximately 11.99% of Class A Ordinary Shares through entities controlled by him, also holds approximately 3.12% of the issued shares of DL Holdings through a separate controlled entity.</p><p xmlns="http://www.w3.org/1999/xhtml"><b xmlns="http://www.w3.org/1999/xhtml">Key Terms of the Convertible Note and Warrant</b></p><p xmlns="http://www.w3.org/1999/xhtml">The initial maturity date of the Note is April 1, 2028, subject to certain optional extensions. The initial conversion price is US$1.62 per Class A Ordinary Share, subject to adjustment as provided therein. The Note does not accrue any interest, other than customary interests that become payable upon an event of default. The holder of the Note may, at its option, convert all or part of the Note into Class A Ordinary Shares at any time from April 1, 2027 until maturity. Class A Ordinary Shares issued upon conversion will be subject to customary lock-up restrictions. The Company has the right to redeem all or part of the outstanding principal of the Note for cash at the applicable redemption price, subject to certain conditions, including that the trading price of the Class A Ordinary Shares exceeds 130% of the conversion price for a specified period prior to redemption. The Warrant is exercisable immediately upon issuance, in whole or in part, and will expire on April 1, 2028.</p><p xmlns="http://www.w3.org/1999/xhtml">These transactions are key steps in executing the Company&#39;s previously disclosed financial strategy entering 2026: to strengthen its balance sheet, reduce leverage, and secure liquidity for its pivot toward AI infrastructure.</p><p xmlns="http://www.w3.org/1999/xhtml"><b xmlns="http://www.w3.org/1999/xhtml">About Cango Inc.</b></p><p xmlns="http://www.w3.org/1999/xhtml">Cango Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/CANG">CANG</a>) is a <span xmlns="http://www.w3.org/1999/xhtml">Bitcoin</span> mining company with a vision to establish an integrated, global infrastructure platform capable of powering the future digital economy. The Company&#39;s mining operations span over 40 sites across North America, the Middle East, South America, and East Africa.</p><p xmlns="http://www.w3.org/1999/xhtml">Since entering the <span xmlns="http://www.w3.org/1999/xhtml">digital asset</span> space in November 2024, Cango has activated pilot projects in both integrated energy solutions and distributed AI computing. In parallel, Cango continues to operate an online international used car export business through AutoCango.com.</p><p xmlns="http://www.w3.org/1999/xhtml">For more information, please visit: <a xmlns="http://www.w3.org/1999/xhtml" href="https://www.cangoonline.com/" target="_blank" rel="nofollow">www.cangoonline.com</a>. </p><p xmlns="http://www.w3.org/1999/xhtml"><b xmlns="http://www.w3.org/1999/xhtml">Safe Harbor Statement</b></p><p xmlns="http://www.w3.org/1999/xhtml">This press release contains forward-looking statements within the meaning of the &#34;safe harbor&#34; provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words or phrases such as &#34;will,&#34; &#34;expects,&#34; &#34;anticipates,&#34; &#34;future,&#34; &#34;intends,&#34; &#34;plans,&#34; &#34;believes,&#34; &#34;estimates&#34; and similar statements. Statements that are not historical facts, including statements about Cango&#39;s beliefs and expectations, are forward-looking statements. These statements are based on Cango&#39;s current expectations and assumptions and are not guarantees of future performance. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Cango&#39;s goal and strategies; Cango&#39;s expansion plans; Cango&#39;s future business development, financial condition and results of operations; Cango&#39;s expectations regarding demand for, and market acceptance of, its solutions and services; general economic and business conditions; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Cango&#39;s filings with the SEC. All information provided in this press release is as of the date of this press release, and Cango does not undertake any obligation to update any forward-looking statement, except as required under applicable law.</p><p xmlns="http://www.w3.org/1999/xhtml"><b xmlns="http://www.w3.org/1999/xhtml">Investor Relations Contact</b></p><p xmlns="http://www.w3.org/1999/xhtml">Juliet Ye, Head of Communications<br xmlns="http://www.w3.org/1999/xhtml"></br>Cango Inc.<br xmlns="http://www.w3.org/1999/xhtml"></br>Email: <a xmlns="http://www.w3.org/1999/xhtml" href="mailto:ir@cangoonline.com" target="_blank" rel="nofollow">ir@cangoonline.com</a></p><p xmlns="http://www.w3.org/1999/xhtml">Christensen Advisory<br xmlns="http://www.w3.org/1999/xhtml"></br>Tel: +852 2117 0861 <br xmlns="http://www.w3.org/1999/xhtml"></br>Email: <a xmlns="http://www.w3.org/1999/xhtml" href="mailto:cango@christensencomms.com" target="_blank" rel="nofollow">cango@christensencomms.com</a> </p>



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CANG

Cango Inc. Completes US$65 Million Strategic Investment and Secures US$10 Million Convertible Note Financing to Strengthen Financial Position and Drive AI and Energy Expansion

Cango Inc. Secures $65 Million Investment to Drive AI Growth

<section class="insight" data-version="1">
  <section data-block="information">
    <h3>Information</h3>
    <p>&lt;p xmlns=&quot;http://www.w3.org/1999/xhtml&quot;&gt;&lt;span xmlns=&quot;http://www.w3.org/1999/xhtml&quot; class=&quot;legendSpan...</p>
  </section>

  <section data-block="ai-summary-paragraph">
    <h3>AI Summary</h3>
    <p>Cango Inc. has announced the closure of a US$65 million strategic investment and a US$10 million convertible note financing, aimed at strengthening its capital and facilitating growth into AI infrastructure. The partnership with DL Holdings opens avenues for additional strategic investments, bolstering the company’s market position in cryptocurrency mining and AI development.</p>
  </section>

  <section data-block="ai-summary-bullets">
    <h3>Key Points</h3>
    <ul><li>Cango closes US$65 million strategic investment from leadership members.</li><li>The company also secures US$10 million convertible note financing.</li><li>These funds will bolster Cango&#039;s capital structure and expansion into AI.</li><li>Cango enters a partnership with DL Holdings for strategic collaboration.</li><li>The MOU may facilitate further investments up to US$10 million.</li></ul>
  </section>

  <section data-block="companies-mentioned">
    <h3>Companies Mentioned</h3>
    <ul><li><strong>DL Holdings Group Limited (HKEX: 1709)</strong>: A strategic partner for Cango, potentially investing up to US$10 million.</li></ul>
  </section>

  <section data-block="category">
    <h3>Corporate Developments</h3>
    <p>This news falls under &#039;Corporate Developments&#039; as Cango has secured significant investments to advance its business strategy. The focus on AI expansion aligns with emerging trends in technology-driven sectors.</p>
  </section>

  <section data-block="market-moving">
    <h3>Market-Moving</h3>
    <ul><li>The US$65 million investment strengthens Cango&#039;s financial position and market confidence.</li><li>The convertible note financing introduces potential dilution risk if converted into shares.</li><li>Details of the MOU with DL Holdings could unlock significant future capital.</li><li>Expansion into AI infrastructure could enhance CANGO&#039;s long-term revenue streams.</li></ul>
  </section>

  <section data-block="key-facts">
    <h3>Key Facts</h3>
    <ul><li>Cango closed a US$65 million investment on March 31, 2026.</li><li>US$10 million convertible note has a conversion price of US$1.62 per share.</li><li>Cango has initiated over 40 mining operations globally.</li><li>The MOU with DL Holdings has a potential investment value of US$10 million.</li><li>Cango aims to pivot towards AI infrastructure as part of its growth strategy.</li></ul>
  </section>

  <section data-block="trading-thesis">
    <h3>Trading Thesis</h3>
    <p>CANG may see positive price momentum following recent financing and strategic partnerships.</p>
  </section>
</section>


<article>
    <h2>Cango Inc. Secures Strategic Investment and Financing to Boost AI and Energy Expansion</h2>
    <p><strong>DALLAS, April 1, 2026</strong> — Cango Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/quote/CANG">CANG</a>), a frontrunner in the Bitcoin mining sector, has announced two pivotal capital transactions. The Company successfully closed a <strong>US$65 million</strong> strategic investment and executed a separate <strong>US$10 million</strong> convertible note financing agreement with DL Holdings Group Limited (HKEX: 1709). These actions aim to bolster Cango’s financial standing and propel its initiatives in artificial intelligence (AI) and energy infrastructure.</p>
    
    <section>
        <h3>Details of the US$65 Million Strategic Investment</h3>
        <p>As part of a definitive investment agreement disclosed on February 12, 2026, Cango has issued <strong>49,242,424 Class A ordinary shares</strong> to two entities owned by Mr. Xin Jin, Chairman of the board, and Mr. Chang-Wei Chiu, a board director. The transaction, finalized on March 31, 2026, has generated net proceeds of <strong>US$65 million</strong>, settled in USDT. This capital infusion reflects the leadership's unwavering confidence in Cango's strategic trajectory and enhances its robust capital structure.</p>
    </section>

    <section>
        <h3>US$10 Million Convertible Note and Strategic Partnership with DL Holdings</h3>
        <p>In a separate transaction, Cango entered into a securities purchase agreement (SPA) with DL Holdings, a financial services group based in Hong Kong. Under this agreement, Cango issued a convertible note valued at <strong>US$10 million</strong> and granted a warrant allowing the purchase of <strong>370,370 Class A Ordinary Shares</strong> at an exercise price of <strong>US$2.70</strong> per share. The proceeds from the note will be directed toward potential upstream acquisitions and the expansion of the Company into the realms of AI and computing infrastructure.</p>
        <p>Furthermore, Cango and DL Holdings have formulated a memorandum of understanding (MOU) to outline a framework for prospective strategic cooperation. This MOU indicates DL Holdings' intent to invest up to an additional <strong>US$10 million</strong> in partnership with Cango, specifically to enhance initiatives related to cryptocurrency mining and AI.</p>
    </section>

    <section>
        <h3>Convertible Note and Warrant Key Terms</h3>
        <p>The convertible note has an initial maturity date set for April 1, 2028, with options for extensions. The initial conversion price of the note is <strong>US$1.62</strong> per Class A Ordinary Share and does not accrue interest unless there's a default event. The holder has the flexibility to convert the note into shares from April 1, 2027, until maturity. Additionally, Cango retains the option to redeem any part of the note's principal based on specific conditions, including the trading price exceeding <strong>130%</strong> of the conversion price for a determined period. The warrant issued is immediately exercisable and expires on April 1, 2028.</p>
    </section>

    <section>
        <h3>About Cango Inc.</h3>
        <p>Cango Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/quote/CANG">CANG</a>) specializes in Bitcoin mining with aspirations to develop a comprehensive global infrastructure capable of supporting the future of the digital economy. Cango operates over <strong>40 mining sites</strong> across various regions, including North America, the Middle East, South America, and East Africa. Since entering the digital asset sector in November 2024, the Company has initiated pilot projects focused on energy solutions and distributed AI computing.</p>
    </section>

    <section>
        <h3>Forward-Looking Statements</h3>
        <p>This press release may contain forward-looking statements under the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Words and phrases like “will,” “expects,” and “believes” indicate forward-looking statements. These projections are based on Cango's current assumptions and are not guarantees of future outcomes.</p>
    </section>
</article>

Cango Inc. has announced the closure of a US$65 million strategic investment and a US$10 million convertible note financing, aimed at strengthening its capital and facilitating growth into AI infrastructure. The partnership with DL Holdings opens avenues for additional strategic investments, bolstering the company’s market position in cryptocurrency mining and AI development.

cango-inc-completes-us-65-million-strategic-investment-and-secures-us-10-million-convertible-note-financing-to-strengthen-financial-position-and-drive-ai-and-energy-expansion

Cango Inc. Completes US$65 Million Strategic Investment and Secures US$10 Million Convertible Note Financing to Strengthen Financial Position and Drive AI and Energy Expansion

AI Summary

Sentiment Rationale

Trading Thesis

Market-Moving

Key Facts

Companies Mentioned

Corporate Developments

Related News