Lates News

According to PR Newswire, US-listed bitcoin mining company Cango Inc (NYSE: CANG) announced that it has completed a $10.5 million investment in Class B common stock from Enduring Wealth Capital Limited (EWCL) and signed a proposed investment agreement for a total of $65 million in Class A common stock with the company's Chairman, Xin Jin, through his wholly-owned entity Armada Network Limited, and Director Chang-Wei Chiu through his wholly-owned entity Fortune Peak Limited. EWCL subscribed to 7 million shares of Class B common stock at $1.50 per share, increasing its shareholding to approximately 4.71% and voting rights to approximately 49.71%. Fortune Peak plans to subscribe to approximately $39.567 million for 29,975,137 shares of Class A common stock, while Armada Network plans to subscribe to approximately $25.433 million for 19,267,287 shares of Class A common stock at a price of $1.32 per share. The funds will be used to expand AI and computing infrastructure-related Class A investments, subject to approval from the NYSE and with delivery uncertainty.