TechFlow News, April 1: According to PR Newswire, Cango Inc. (NYSE: CANG), a Bitcoin mining company listed on the New York Stock Exchange, announced the completion of two significant financing transactions.
First, the company completed a $65 million strategic investment, issuing a total of 49,242,424 Class A common shares to two entities fully controlled by Chairman Xin Jin and Director Chang-Wei Chiu, respectively. The transaction closed on March 31, with proceeds settled in USDT.
Second, the company entered into a securities purchase agreement with DL Holdings Group Limited (HKEX: 1709), a financial services group listed on the Hong Kong Stock Exchange, under which it will issue a $10 million convertible note and warrants exercisable for up to 370,370 Class A common shares at an exercise price of $2.70 per share. Proceeds from this transaction are intended for upstream acquisitions and expansion of AI and computing infrastructure. Additionally, both parties signed a memorandum of understanding, under which DL Holdings expressed its intention to jointly undertake a strategic investment of up to $10 million with Cango—focused on cryptocurrency mining facilities and artificial intelligence—with such investment subject to due diligence and execution of definitive agreements.
