Cango Inc. Announces Up to US$30 Million New Share Repurchase Program

Cango Inc. (NYSE: CANG) ("Cango" or the "Company"), a leading Bitcoin mining company with an automotive transaction service in China, today announced that its board of directors has authorized a new share repurchase program (the "New Share Repurchase Program") under which the Company may repurchase up to US$30 million worth of its outstanding (i) American depositary shares ("ADSs"), each representing two Class A ordinary shares, and/or (ii) Class A ordinary shares over the next 12 months starting from, April 25, 2025. 

The Company's proposed repurchases may be made from time to time on the open market at prevailing market prices, in privately negotiated transactions, in block trades and/or through other legally permissible means, in accordance with applicable rules and regulations. The number of ADSs and/or Class A ordinary shares repurchased and the timing of repurchases will depend on a number of factors, including, but not limited to, price, trading volume and general market conditions, along with Cango's working capital requirements and general business conditions. The Company's board of directors will review the New Share Repurchase Program periodically and may authorize adjustments to its terms and size. The Company plans to fund the repurchases from its existing cash balance. 

On April 23, 2024, the Company announced a share repurchase program (the "Existing Share Repurchase Program") under which the Company may repurchase up to US$50 million worth of its outstanding ADSs and/or Class A ordinary shares. Pursuant to the Existing Share Repurchase Program, the Company had repurchased 996,640 ADSs from the open market with cash in the aggregate amount of approximately US$1.7 million up to March 10, 2025. For the avoidance of doubt, the Existing Share Repurchase Program will remain in effect until its expiration on April 25, 2025.