Cango Inc. Completes US$65 Million Strategic Investment and Secures US$10 Million Convertible Note Funding to Strengthen Financial Position
Dallas, (ANTARA/PRNewswire) - Cango Inc. (NYSE: CANG), a leading company engaged in Bitcoin mining operations at various global locations to develop an integrated energy and AI computing platform, today announced two significant transactions: a strategic investment worth US$65.0 million from the company’s leadership team, and a funding agreement in the form of a convertible note worth US$10.0 million with DL Holdings Group Limited (HKEX: 1709) (“DL Holdings”), a financial services company listed on the Hong Kong stock exchange. Cango and DL Holdings have also signed a memorandum of understanding (MOU) to establish a framework for strategic cooperation.
US$65.0 Million Strategic Investment
In accordance with the investment agreement previously announced on 12 February 2026, Cango issued and sold 49,242,424 Class A ordinary shares to two entities respectively owned by Xin Jin, Chairman of the Board of Directors, and Chang-Wei Chiu, Director. This transaction was completed on 31 March 2026 and generated funding equivalent to US$65.0 million paid in USDT. This move strengthens Cango’s capital structure while reflecting management’s confidence in the company’s strategic direction.
US$10 Million Funding from Convertible Note and Strategic Partnership with DL Holdings
Cango signed a securities purchase agreement with DL Holdings. Under the agreement, Cango issued and sold a convertible note worth US$10,000,000 to DL Holdings, along with warrants to purchase up to 370,370 Class A ordinary shares at an exercise price of US$2.70 per share. The proceeds will be used for acquisitions in the upstream sector, as well as expansion into AI and computing infrastructure.
This convertible note will mature on 1 April 2028, is non-interest bearing (except in the event of default), and can be converted into shares at a price of US$1.62 per share starting from 1 April 2027. The warrants can be exercised immediately and have a term until 1 April 2028.
In addition, Cango signed an MOU with DL Holdings regarding plans to develop a framework for strategic cooperation. Under the MOU, DL Holdings intends to make one or more strategic investments alongside Cango, with a potential total value of up to US$10 million. These investments aim to support Cango’s initiatives in crypto mining facilities and AI development.
These transactions represent an important step in Cango’s 2026 financial strategy, namely strengthening the balance sheet, reducing debt levels, and ensuring liquidity to support the transformation towards AI infrastructure.