According to PRNewswire, NYSE-listed Cango disclosed that it has received a preliminary non-binding letter of intent from Enduring Wealth Capital Limited (EWCL) aiming to acquire 10 million Class B ordinary shares from the company's co-founders at a mutually agreed price. Additionally, the letter proposes that Cango's founders voluntarily convert all their remaining Class B ordinary shares into Class A ordinary shares and resign from their board and executive positions.
Furthermore, EWCL recommends that Cango sell its existing domestic business and is willing to introduce potential buyers to facilitate the growth of its overseas operations, particularly its newly launched cryptocurrency mining business.
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