Cango wins shareholder approval for $70M share sale and governance update, paving the way for new capital and structural flexibility.
Bitcoin mining firm Cango Inc. secured overwhelming shareholder approval for all proposals at its Second Extraordinary General Meeting on 17 July 2025. Each resolution passed with over 99.3% of total votes and more than 81% support from non-affiliate shareholders.
Top of the agenda was a US$70 million Securities Purchase Agreement, involving the sale of 10 million Class B ordinary shares by co-founders Xiaojun Zhang and Jiayuan Lin to Enduring Wealth Capital Limited.
Cango will repurchase the equivalent number of Class A shares—automatically converted—and issue new Class B shares to complete the transaction.
Shareholders also approved an increase in authorised share capital, giving Cango more flexibility to raise funds and pursue growth. The Company will adopt a new Fourth Amended and Restated Memorandum and Articles of Association to reflect these changes.
Cango plans to file the updated memorandum with the Cayman Islands Registrar shortly. The secondary sale is expected to close around 22 July 2025, pending standard conditions. The company noted there is no guarantee the transaction will close on that date.
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