Cango receives non-compliance letter from NYSE

Cango (CANG) announced that it has received a letter from the NYSE dated March 10, notifying the Company that it is not in compliance with the NYSE’s price criteria for continued listing standard because, as of March 9, the average closing price of the Company’s Class A ordinary shares was less than US$1.00 per share over a consecutive 30 trading-day period. This press release is issued within the 30-day period following receipt of such notice as required under the NYSE rules. The Company has six months following receipt of the notice to regain compliance with the minimum share price requirement. The Company can regain compliance at any time during the Cure Period if on the last trading day of any calendar month during the Cure Period the Company has a closing share price of at least US$1.00 and an average closing share price of at least US$1.00 over the 30 trading-day period ending on the last trading day of that month. To address this issue, the Company intends to monitor the market conditions of its listed securities and is still considering its options. As required by the NYSE rules, the Company has notified the NYSE of its intent to cure the price deficiency of its Class A ordinary shares within the applicable time period required by the NYSE.