Bitcoin mining company Cango Inc. (NYSE:CANG) announced that EWCL, the sole shareholder of Class B common stock, will subscribe for 7 million Class B common shares (each with 20 votes, at a price of $1.50 per share) in cash for $10.5 million. Upon completion of the transaction, EWCL's shareholding will increase from approximately 2.81% to approximately 4.69%, and its voting rights will increase from 36.68% to approximately 49.61%, approaching absolute control. The transaction is still subject to NYSE approval and is expected to close in January 2026.
EWCL, the sole shareholder of Cango's Class B common stock, will subscribe for 7 million Class B common shares with $10.5 million in cash.
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