These are top 10 stocks traded on the Robinhood UK platform in July
NEW YORK - Cango Inc. (NYSE: CANG), a company that has delivered an impressive 214% return over the past year according to InvestingPro data, has announced an adjustment to the terms of its ongoing acquisition of crypto mining assets through a third amendment to the original Purchase Agreement. This amendment revises the number of Class A ordinary shares to be issued to sellers, now totaling 146,670,925 at closing, with a potential addition of 97,780,616 bonus shares contingent on a trigger event.
The amendment follows changes stemming from Cango’s recent divestiture of its PRC business on May 27, 2025. With a strong balance sheet showing more cash than debt and a healthy financial score rated as GOOD by InvestingPro, the updated terms stipulate that additional shares, known as Adjustment Shares, will be issued if the proceeds from the PRC business sale fall by US$7.0 million or more, a change from the original condition based on net asset value.
Upon finalization of the Share-Settled Transactions, Golden TechGen Limited (GT) is expected to hold approximately 18.79% of Cango’s total outstanding shares, with all sellers collectively owning about 41.38% before any bonus or adjustment shares are issued. Further, a definitive agreement dated June 2, 2025, details that the company’s co-founders and their holding company, Enduring Wealth Capital Limited (EWCL), will also maintain significant ownership and voting power in the company.
Additionally, GT has undergone a change of control, with Mr. Max Hua no longer holding shares. The new shareholders, Mr. Ning Wang, Mr. Youngil Kim, and Mr. Wye Sheng Kong, each now control one-third of GT’s voting power. Mr. Wang, a finance professional with over 16 years of experience, is set to exercise director nomination rights at Cango, succeeding Mr. Hua.
The closure of the Share-Settled Transactions is subject to certain conditions that have yet to be met, and the company is actively working towards their satisfaction. However, there is no guarantee that these conditions will be met or that the transactions will be completed as planned.
Cango Inc., known for its Bitcoin mining operations, has strategically expanded its presence in various global regions since entering the crypto asset space in November 2024. The company also maintains an online international used car export business, AutoCango.com. With analysts forecasting 7.5% revenue growth this year and positive net income expectations, the company shows promising momentum. Discover more detailed insights and 12 additional ProTips about Cango’s potential through InvestingPro’s comprehensive research reports, available for over 1,400 US stocks.
This article is based on a press release statement and aims to present the facts of Cango’s recent amendments to its acquisition terms and the associated change in shareholder structure without endorsing any claims.
In other recent news, Cango Inc. has reported its financial results for the first quarter of 2025, providing investors with updated insights into its financial performance. The Shanghai-based company, known for its prepackaged software services, submitted the unaudited results through a Form 6-K filing with the United States Securities and Exchange Commission. While specific financial figures were not detailed in the filing, such reports typically include essential financial statements and management’s analysis. Additionally, Cango Inc. has finalized the disposal of its business operations in the People’s Republic of China, a strategic move that aligns with its ongoing restructuring efforts. This divestiture, confirmed by an SEC filing, is part of the company’s broader strategy to realign its business focus amid changing market conditions. In another development, Cango Inc. has entered into a definitive agreement with its founders and EWCL, although the financial terms and strategic goals remain undisclosed. These recent activities reflect Cango’s active engagement in adjusting its business model and management structure, as indicated by changes in its Board of Directors and senior management team. Investors and stakeholders are closely monitoring these developments to understand their potential impact on Cango’s future operations and market performance.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.