Cango has reached a securities purchase agreement with EWCL for a total price of 70 million USD

ChainCatcher news, according to PR Newswire, the New York Stock Exchange-listed company Cango announced that its co-founders Xiaojun Zhang and Jiayuan Lin, along with its holding company, have reached a securities purchase agreement with Enduring Wealth Capital Limited (EWCL) to sell 10 million shares of Class B common stock, with a total purchase price of $70 million (of which $15 million will be paid only upon the fulfillment of certain conditions).

Previously, Cango announced that its board of directors had approved a stock repurchase plan, intending to repurchase issued American Depositary Shares (ADS) and Class A common stock over the next 12 months starting from April 25, 2025, with a repurchase scale of up to $30 million.