By Adriano Marchese
Cango said that Enduring Wealth Capital has proposed to acquire control of the Bitcoin mining business by buying out management's shares.
The company said Friday that Enduring Wealth, a British Virgin Islands-based company, has sent a non-binding letter of intent in which it proposes to acquire 10 million class B shares from the company's co-founders.
The price offered has yet to be determined but the stock is currently down 25% year-to-date, and closed on Thursday at $3.30. The stock is still up about 116% over the last 52-weeks.
As part of the proposal, the shares would have to continue to have 20 votes per share, while all remaining class B shares would have to be converted into class A ordinary shares with one vote per share.
The founders would also be required to resign from the board.
To consider the proposal, Cango has formed a special committee made up of certain independent directors.
The company has cautioned that there is no certainty that any transaction will come of this proposal.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
March 14, 2025 06:59 ET (10:59 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
免责声明：投资有风险，本文并非投资建议，以上内容不应被视为任何金融产品的购买或出售要约、建议或邀请，作者或其他用户的任何相关讨论、评论或帖子也不应被视为此类内容。本文仅供一般参考，不考虑您的个人投资目标、财务状况或需求。TTM对信息的准确性和完整性不承担任何责任或保证，投资者应自行研究并在投资前寻求专业建议。