Cango Completes $65M Strategic Financing and $10M Convertible Debt Transaction with DL Holdings

According to PR Newswire, Cango Inc. (NYSE: CANG), a Bitcoin mining company listed on the New York Stock Exchange, announced the completion of two significant financing transactions. First, the company completed a $65 million strategic investment, issuing a total of 49,242,424 shares of Class A common stock to two entities wholly controlled by Chairman Xin Jin and Director Chang-Wei Chiu. The transaction closed on March 31, with proceeds settled in USDT. Second, the company entered into a securities purchase agreement with DL Holdings Group Limited (HKEX: 1709), a financial services group listed on the Hong Kong Stock Exchange, issuing a $10 million convertible note and warrants for up to 370,370 shares of Class A common stock at an exercise price of $2.70 per share. The company intends to use the proceeds for upstream acquisitions and expansion of AI and computing infrastructure. Additionally, both parties simultaneously signed a memorandum of understanding, with DL Holdings expressing its intent to jointly pursue strategic investments with Cango of up to $10 million in cryptocurrency mining facilities and artificial intelligence, subject to due diligence and execution of definitive agreements.