Cango Inc. Successfully Approves Resolutions in Extraordinary General Meeting

Cango Inc. Holds Extraordinary General Meeting

Cango Inc., listed on the NYSE under the ticker symbol CANG, recently concluded its extraordinary general meeting (EGM) on May 16, 2025. The purpose of this gathering was to present and vote on a series of resolutions critical to the company's strategic direction.

During the meeting, shareholders showed overwhelming support for all resolutions put forth, with each resolution garnering no less than 99.3% approval from the total votes cast. Notably, approvals came from at least 80% of non-affiliate shareholders, indicating a strong confidence in Cango's future directions.

Among the resolutions passed was the agreement that enables Cango to sell its existing business operations in the People's Republic of China to Ursalpha Digital Limited. This transaction, valued at approximately $351.94 million, represents a significant transition for Cango as it looks to streamline operations and focus on new ventures.

This move aligns with Cango's strategy to expand its presence in the booming cryptocurrency sector, especially following its entry into the Bitcoin mining market. The decision reflects a broader industry trend as companies pivot towards the lucrative opportunities presented by digital assets.

In addition to this sale, shareholders also approved various procedural matters necessary for enacting the resolutions passed during the EGM. Directors and officers of Cango were authorized to undertake actions required to facilitate these changes, demonstrating a proactive approach to corporate governance and stakeholder engagement.

Details pertaining to the EGM and each resolution can also be found in the notice submitted to the Securities and Exchange Commission (SEC) and on Cango’s investor relations website. This transparency furthers Cango's commitment to keeping shareholders informed and involved in the company's trajectory.

Founded in 2010, Cango Inc. has established itself as a leader in the automotive transaction services sector within China. Recently, its operations have expanded to include a significant investment in the Bitcoin mining industry, fueled by increasing market demand for crypto assets and advancements in blockchain technology. Cango has positioned its mining operations strategically in regions including North America, the Middle East, South America, and East Africa.

As the crypto market continues to evolve, Cango aims to leverage its expertise and resources to capitalize on industry growth. The company's vision includes fostering relationships with key market participants and enhancing its service offerings to meet rising consumer demands in both automotive transactions and digital currencies.

The successful passage of resolutions at the recent EGM marks a pivotal moment for Cango Inc. as it embarks on this new chapter in its quest for growth and innovation. The future looks promising for the company as it navigates through these transformative changes in the rapidly evolving marketplace.

For more insights into Cango's corporate strategies, industry positioning, and operational updates, interested parties are encouraged to visit their official website at www.cangoonline.com. Cango's ongoing developments will be critical to watch as they unfold in the coming months.