TechFlow, June 2 — According to PRNewswire, Cango, a New York Stock Exchange-listed company, announced that its co-founders Xiaojun Zhang and Jiayuan Lin, along with their affiliated holding companies, have entered into a securities purchase agreement with Enduring Wealth Capital Limited (EWCL) to sell 10 million Class B ordinary shares for an aggregate purchase price of USD 70 million (of which USD 15 million is payable only upon satisfaction of certain conditions).
Previously, Cango announced that its board of directors has approved a share repurchase program to repurchase up to USD 30 million of its outstanding American Depositary Shares (ADSs) and Class A ordinary shares over the next 12 months starting from April 25, 2025.
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