Cango Inc. Announces Definitive Agreement with Founders and EWCL | CANG Stock News

• Cango Inc. (CANG, Financial) enters a $70 million agreement with Enduring Wealth Capital Limited (EWCL) involving significant ownership and voting power restructuring.
• The transaction involves EWCL’s acquisition of 10 million Class B shares, boosting its control to 50.28% voting power, while maintaining only 4.81% ownership.
• This deal requires shareholder approval and includes a major board and management restructuring.

Cango Inc. (CANG) has announced a decisive move in its ownership structure through a securities purchase agreement with co-founders and Enduring Wealth Capital Limited (EWCL). Under the agreement, the company’s co-founders will transfer 10 million Class B shares to EWCL for $70 million, part of which $15 million depends on certain conditions.

This strategic transaction follows EWCL’s March 2025 letter of intent and Cango’s complete exit from its Chinese business operations. A key aspect of the deal is that EWCL’s acquired shares will remain Class B shares with 20 votes each, while the founders convert their remaining Class B shares to Class A, corresponding to one vote per share.

The post-transaction structure grants EWCL significant control, accounting for 50.28% of voting power while holding just 4.81% of the total shares, provided the Share-Settled Transactions do not occur. In contrast, the founders will hold 31.63% of shares but will see their voting power reduced to 16.52%.

This agreement will also lead to extensive board and management restructuring, contingent upon shareholder approval at an upcoming extraordinary meeting. This reshaping of Cango’s corporate governance aims to align with EWCL’s strategic interests, particularly as the company pivots towards cryptocurrency mining operations.

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