Cango Inc. Completes Cash-Settled Acquisitions of Crypto Mining Assets

SHANGHAI, Nov. 15, 2024 /PRNewswire/ — Cango Inc. (NYSE: CANG) (“Cango” or the “Firm”), a number one automotive transaction service platform in China, at present introduced that it has accomplished the beforehand introduced acquisition of on-rack crypto mining machines with an combination hashrate of 32 Exahash per second (“EH”) for a complete buy worth of US$256 million in money (the “Money-Settled Transaction”) from Bitmain Applied sciences Georgia Restricted and Bitmain Improvement Restricted (collectively, “Bitmain”), a number one producer of digital foreign money mining servers. The Firm introduced the Money-Settled Transaction on November 6, 2024, along with its proposed acquisition of on-rack crypto mining machines with an combination hashrate of 18 EH from Golden TechGen Restricted and sure different sellers for a complete buy worth of roughly US$144 million, which will likely be paid by means of issuance of shares to the sellers by the Firm (the “Share-Settled Transactions” and along with the Money-Settled Transaction, the “Proposed Transactions”).

The Money-Settled Transaction was consummated after the related closing situations are happy. Primarily based on additional due diligence with the sellers, the Firm and the sellers have concluded that no associated sellers will promote U.S. property with an combination worth of US$119.5 million or extra to the Firm within the Proposed Transactions, and subsequently the anti-trust submitting and clearance within the U.S. shouldn’t be required for the Proposed Transactions and the related closing situation is deemed to have been happy. As such, the Firm and Bitmain closed the Money-Settled Transaction by means of task to the Firm of all hash computing energy of the mining machines to be delivered within the Money-Settled Transaction, and switch of those machines’ possession to the Firm is anticipated to happen at a later stage as agreed by the events.

The closing of the Share-Settled Transactions is topic to sure closing situations which might be but to be happy or waived and the Firm is working with the related events in the direction of the closing of the Share-Settled Transactions.

About Cango Inc.

Cango Inc. (NYSE: CANG) is a number one automotive transaction service platform in China, connecting automobile patrons, sellers, monetary establishments, and different trade contributors. Based in 2010 by a gaggle of pioneers in China’s automotive finance trade, the Firm is headquartered in Shanghai and has a nationwide community. Leveraging its aggressive benefits in technological innovation and large knowledge, Cango has established an automotive provide chain ecosystem, and developed a matrix of merchandise centering on buyer wants for auto transactions, auto financing and after-market companies. By working with platform contributors, Cango endeavors to make automobile purchases easy and pleasing, and make itself clients’ automobile buy service platform of alternative. For extra info, please go to: www.cangoonline.com.

Secure Harbor Assertion

This announcement accommodates forward-looking statements. These statements are made below the “secure harbor” provisions of the USA Personal Securities Litigation Reform Act of 1995. These forward-looking statements may be recognized by terminology resembling “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and comparable statements. Amongst different issues, the “Enterprise Outlook” part and quotations from administration on this announcement, include forward-looking statements. Cango may additionally make written or oral forward-looking statements in its periodic stories to the SEC, in its annual report back to shareholders, in press releases and different written supplies and in oral statements made by its officers, administrators or workers to 3rd events. Statements that aren’t historic details, together with statements about Cango’s beliefs and expectations, are forward-looking statements. Ahead-looking statements contain inherent dangers and uncertainties. Plenty of elements may trigger precise outcomes to vary materially from these contained in any forward-looking assertion, together with however not restricted to the next: Cango’s purpose and techniques; Cango’s growth plans; Cango’s future enterprise growth, monetary situation and outcomes of operations; Cango’s expectations concerning demand for, and market acceptance of, its options and companies; Cango’s expectations concerning protecting and strengthening its relationships with sellers, monetary establishments, automobile patrons and different platform contributors; normal financial and enterprise situations; and assumptions underlying or associated to any of the foregoing. Additional info concerning these and different dangers is included in Cango’s filings with the SEC. All info supplied on this press launch and within the attachments is as of the date of this press launch, and Cango doesn’t undertake any obligation to replace any forward-looking assertion, besides as required below relevant legislation.

Investor Relations Contact

Yihe Liu
Cango Inc.
Tel: +86 21 3183 5088 ext.5581
E mail: ir@cangoonline.com

Helen Wu
Piacente Monetary Communications
Tel: +86 10 6508 0677
E mail: ir@cangoonline.com

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