Cango ( (CANG) ) has shared an update.
On April 3, 2025, Cango Inc. announced definitive agreements to sell its PRC Business to Ursalpha Digital Limited for approximately $351.94 million. This move follows a preliminary non-binding letter of intent from Enduring Wealth Capital Limited, proposing the acquisition of control over Cango and the disposal of its PRC Business. The transaction is subject to shareholder approval and internal restructuring, and if completed, Cango will seek to terminate its status as a ‘China Concept Stock.’ The disposal may also impact existing agreements related to crypto mining machine acquisitions, necessitating further amendments. This strategic decision reflects Cango’s focus on its Bitcoin mining and automotive trading businesses outside China.
More about Cango
Cango Inc. is a leading company in the Bitcoin mining industry, with operations strategically located across North America, the Middle East, South America, and East Africa. The company expanded into the crypto assets market in November 2024, driven by advancements in blockchain technology and the increasing prevalence of crypto assets. Additionally, Cango has been operating an automotive transaction service in China since 2010, aiming to simplify and enhance the car purchasing experience.
YTD Price Performance: -18.73%
Average Trading Volume: 413,849
Technical Sentiment Signal: Strong Sell
Current Market Cap: $423.4M
For detailed information about CANG stock, go to TipRanks’ Stock Analysis page.