PANews reported on March 16 that NYSE-listed Cango disclosed that it has received a preliminary non-binding letter of intent from Enduring Wealth Capital Limited (EWCL) to acquire 10 million Class B ordinary shares from the company's co-founder, with the purchase price to be determined by both parties. The letter of intent also requires Cango's founders to voluntarily convert all remaining Class B ordinary shares they hold into Class A ordinary shares and resign from the board of directors and executive positions.
Furthermore, EWCL suggested that Cango sell its existing domestic business and is willing to introduce potential buyers to facilitate the growth of its overseas business, particularly its newly launched cryptocurrency mining business.
