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.
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