Cango (CANG) said Friday that it has received a non-binding proposal from Enduring Wealth Capital, seeking to gain control of the bitcoin mining firm.

Under the proposal, Enduring Wealth Capital seeks to acquire 10 million Class B shares from Cango's co-founders at a price to be agreed upon and retain Class B shares with 20 votes per share, while the remaining Class B shares held by the founders would be converted into Class A shares with one vote per share.

The proposal also seeks for the co-founders resign from their board and senior management roles and restructuring of Cango's board and management team. Enduring Wealth Capital also seeks to dispose Cango's existing China-based business and shift its strategic focus to crypto mining outside China. Under the proposal, Cango should also terminate its China Concept Stock status with Chinese regulators.

Cango said its board has formed a special committee of independent directors to evaluate the proposal.

Cango shares were up over 9% in premarket activity.