Cango Inc. Announces Results of Second Extraordinary General Meeting
The approved resolutions authorize significant actions, including the execution and performance of a Securities Purchase Agreement (SPA) dated June 2, 2025, for the secondary sale of 10 million Class B ordinary shares by co-founders Mr. Xiaojun Zhang and Mr. Jiayuan Lin to Enduring Wealth Capital Limited for US$70 million. This includes the repurchase of automatically converted Class A ordinary shares and the issuance of an equivalent number of Class B ordinary shares. Additionally, shareholders approved an increase in the Company's authorized share capital to support future financing and corporate needs, as well as the adoption of the Fourth Amended and Restated Memorandum and Articles of Association to reflect the updated share capital structure.
The Company expects to file the Fourth Amended and Restated Memorandum and Articles of Association with the Cayman Islands Registrar promptly following the Second Extraordinary General Meeting. Closing of the Secondary Sale is expected on or around July 22, 2025, subject to customary closing conditions. While all relevant parties are actively coordinating on the closing of the Secondary Sale, there can be no assurance that these conditions will be satisfied or that the Secondary Sale will be completed on or before the expected closing date—or at all.
The full text of each resolution was included in the notice of the Second Extraordinary General Meeting, which was furnished to the Securities and Exchange Commission (the "SEC") on Form 6-K on June 16, 2025. The full text of each resolution is also available on the Company's website: ir.cangoonline.com.
About Cango Inc.
Cango Inc. (NYSE: CANG) is primarily engaged in the Bitcoin mining business, with operations strategically deployed across North America, the Middle East, South America, and East Africa. The Company entered the crypto asset space in November 2024, driven by advancements in blockchain technology, the growing adoption of digital assets, and its commitment to diversifying its business portfolio. In parallel, Cango continues to operate an online international used car export business through AutoCango.com, making it easier for global customers to access high-quality vehicle inventory from China. For more information, please visit: www.cangoonline.com.
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Cango may also make written or oral forward-looking statements in its periodic reports to the SEC, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Cango's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the completion, amendment or reversal of any transactions entered into, proposed or considered by Cango; Cango's goal and strategies; Cango's expansion plans; Cango's future business development, financial condition and results of operations; Cango's expectations regarding demand for, and market acceptance of, its solutions and services; Cango's expectations regarding keeping and strengthening its relationships with dealers, financial institutions, car buyers and other platform participants; general economic and business conditions; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Cango's filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Cango does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
SOURCE Cango Inc.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Globe and Mail
17 minutes ago
- Globe and Mail
This Tech Giant Is the Best Artificial Intelligence (AI) Chip Stock to Buy Right Now
Key Points TSMC delivered terrific results on July 17 and raised its full-year guidance. The company's earnings growth is expected to accelerate going forward. TSMC's valuation and healthy growth make the stock an attractive buy right now. 10 stocks we like better than Taiwan Semiconductor Manufacturing › Taiwan Semiconductor Manufacturing (NYSE: TSM) has been at the center of the artificial intelligence (AI) chip boom by virtue of its status as the world's largest semiconductor foundry. The company, commonly known as TSMC, reported second quarter results on July 17, only to remind the market why it is one of the best ways to capitalize on the growth in AI semiconductor demand. All the major chip companies, such as Broadcom, Marvell, Nvidia, AMD, and Intel, have been using TSMC's fabrication plants to manufacture their AI chips. Moreover, the chips that go into AI-enabled smartphones are manufactured at TSMC's facilities since it counts the likes of Qualcomm and Apple as customers too. This world-class client base and the secular growth of the AI chip market allowed TSMC to deliver outstanding Q2 results and boost its full-year guidance as well. Take a closer look at the latest numbers, and you'll see why it's not too late for investors to buy this hot AI stock. TSMC's AI-fueled growth is here to stay TSMC reported an impressive 44% year-over-year increase in its Q2 revenue to $30.1 billion, exceeding the high end of its guidance range. Meanwhile, the company's adjusted earnings per share shot up at a much faster pace of 61%, a testament to its solid pricing power. TSMC controls 68% of the global semiconductor foundry market, well ahead of its closest rival, Samsung, which has a market share of just under 8%. The company has managed to build such a huge gap over the competition thanks to the technological lead of its process nodes. As a result, TSMC has the ability to raise the prices of its services, and that explains why its gross margin increased by more than five percentage points last quarter from the prior-year period. Importantly, TSMC is now anticipating its full-year revenue will grow 30% in 2025, up from its earlier estimate of mid-20% growth. But TSMC could end the year with an even bigger top-line jump as it has already achieved 40% year-over-year growth in the first half of 2025, and it is expecting a 38% spike in revenue in the current quarter (at the midpoint of guidance). What's worth noting here is that TSMC says its guidance takes into account the potential impact of tariffs on its business. Even then, the company has raised its full-year outlook, and it won't be surprising to see it end 2025 with a bigger-than-expected jump in revenue and earnings. In fact, TSMC's red-hot growth seems sustainable for a long time to come, considering the secular growth opportunity presented by AI. The various AI-focused end-markets that TSMC serves are on track to boom remarkably in the next five years. For instance, the investment in AI chips and computing hardware could exceed a whopping $3 trillion by 2030, according to the consulting firm McKinsey. Not surprisingly, analysts are also increasing their estimates for the company's earnings through 2027. Data by YCharts. The stock is built for more upside TSMC stock has jumped an impressive 59% in the past three months. Even then, it is trading at 28 times trailing earnings as compared to the tech-laden Nasdaq 100 index's average earnings multiple of more than 32. The forward earnings multiple of 24 is even more attractive and is yet another signal of the company's continued bottom-line growth. Investors looking to add an AI stock to their portfolios should consider buying TSMC as a top pick. It has room to run higher and is trading at a discount to the broader technology sector, despite quarter after quarter of outstanding execution. Should you invest $1,000 in Taiwan Semiconductor Manufacturing right now? Before you buy stock in Taiwan Semiconductor Manufacturing, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Taiwan Semiconductor Manufacturing wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $636,774!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $1,064,942!* Now, it's worth noting Stock Advisor's total average return is 1,040% — a market-crushing outperformance compared to 182% for the S&P 500. Don't miss out on the latest top 10 list, available when you join Stock Advisor. See the 10 stocks » *Stock Advisor returns as of July 21, 2025 Harsh Chauhan has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Advanced Micro Devices, Apple, Intel, Nvidia, Qualcomm, and Taiwan Semiconductor Manufacturing. The Motley Fool recommends Broadcom and Marvell Technology and recommends the following options: short August 2025 $24 calls on Intel. The Motley Fool has a disclosure policy.
Cision Canada
8 hours ago
- Cision Canada
Westbridge Renewable Energy Announces Share Consolidation
CALGARY, AB, /CNW/ - Westbridge Renewable Energy Corp. (TSXV: WEB) (OTCQX: WEGYF) (FRA: PUQ) ("Westbridge", "Westbridge Renewable" or the "Company") a leading developer of utility-scale renewable energy and energy infrastructure, announces its intention to consolidate the Company's common shares. The Company announces that its Board of Directors has approved a consolidation of the Company's common shares (the " Common Shares") on the basis of one (1) post-consolidation Common Share for every four (4) pre-consolidation Common Shares (the " Consolidation"), subject to approval from the TSX Venture Exchange (the " Exchange" or the " TSXV"). The Consolidation is being undertaken in order to position the Company for broader institutional investor participation, enhance trading liquidity, and support its long-term capital markets strategy. The Company currently has 101,149,851 Common Shares issued and outstanding. Following the Consolidation, it is expected that the Company will have approximately 25,287,462 Common Shares issued and outstanding, subject to rounding for fractional shares. No fractional shares will be issued as a result of the Consolidation. Any fractional interest in Common Shares will be rounded down to the nearest whole number, in accordance with TSXV policies. The Consolidation remains subject to final approval by the Exchange. The Company's name and trading symbol will remain unchanged. The effective date of the Consolidation, along with the new CUSIP and ISIN numbers, will be announced in a subsequent news release once TSXV approval has been obtained. "This share consolidation is a strategic step that supports Westbridge's broader growth trajectory and enhances our profile in public capital markets," said Stefano Romanin, CEO of Westbridge. About Westbridge Renewable Energy Westbridge originates, develops, operates and monetizes best-in-class, utility-scale solar PV projects, stand-alone battery energy storage projects and other clean energy-focused development. The Company has a portfolio of projects in four key jurisdictions: Canada, the U.S., the U.K. and Italy. Westbridge delivers attractive, long-term returns by originating and developing an international portfolio of renewable energy assets to support increasing demand for energy and grid reliability. Management brings a strong track-record with a cumulative 40+ development projects worldwide. As one of very few listed, pure-play international solar and BESS development companies, Westbridge provides investors with access to greenfield solar and energy storage projects at the earliest stage of development, allowing them to benefit from the full development value chain. Westbridge aims to deliver clean, sustainable electricity and energy storage solutions to support increasing electricity demand and grid reliability in the jurisdictions in which it operates. For more information, please visit: | Twitter | LinkedIn Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Forward-Looking Statements Certain information set forth in this document contains forward-looking information and statements and the timing thereof. Forward-looking information also includes management's assessment of future plans and operations, that the Company will complete the Consolidation; that the Company will receive the necessary approvals to complete the Consolidation; that the number of Shares outstanding following the Consolidation will be consistent with the number set out herein; that the Consolidation will impact the Company as anticipated; and that the treatment of fractional shares will align with management's current expectations. Such forward-looking statements or information are provided for the purpose of providing information about management's current expectations and plans relating to the future, including project milestone progress at Fontus, and should not be relied upon for any other purpose. Forward-looking statements or information typically contain statements with words such as "anticipate", "believe", "expect", "plan", "intend", "estimate", "propose", "project", "potential", "will", "may", "could", "should", or similar words suggesting future outcomes or statements regarding future performance and outlook. Readers are cautioned that assumptions used in the preparation of such information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted as a result of numerous known and unknown risks, uncertainties and other factors, many of which are beyond the control of the Company. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, undue reliance should not be placed on them, as actual results may differ materially from the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include, but are not limited to: the Company's ability to complete licensing and interconnection processes; availability of capital and financing on acceptable terms or at all; risks relating to general business, economic, competitive, regulatory, policy and social uncertainties; changes in laws or market conditions; and the risks identified under the headings "Risk Factors" in the Company's annual financial statements and management's discussion and analysis, and other disclosure documents available on the Company's profile on SEDAR+ at The forward-looking statements contained in this press release are made as of the date hereof, and the Company undertakes no obligation to publicly update or revise any forward-looking statements or information, except as required by law. SOURCE Westbridge Renewable Energy Corp.
Globe and Mail
9 hours ago
- Globe and Mail
5 Dividend Stocks to Hold for the Next 20 Years
These five dividend giants (plus two honorable mentions) aren't just income plays -- they're global titans with decades of growth, consistent payouts, and bulletproof brands. From Coca-Cola 's (NYSE: KO) unmatched dividend legacy to Linde 's (NASDAQ: LIN) green energy future, these stocks are built to weather any storm and compound wealth for decades. *Stock prices used were the market prices of July 23, 2025. The video was published on July 25, 2025. Should you invest $1,000 in Coca-Cola right now? Before you buy stock in Coca-Cola, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Coca-Cola wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $636,774!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $1,064,942!* Now, it's worth noting Stock Advisor's total average return is 1,040% — a market-crushing outperformance compared to 182% for the S&P 500. Don't miss out on the latest top 10 list, available when you join Stock Advisor. *Stock Advisor returns as of July 21, 2025 Bank of America is an advertising partner of Motley Fool Money. Rick Orford has positions in Eli Lilly. The Motley Fool has positions in and recommends Abbott Laboratories and Walmart. The Motley Fool recommends AstraZeneca Plc and Linde. The Motley Fool has a disclosure policy. Rick Orford is an affiliate of The Motley Fool and may be compensated for promoting its services. If you choose to subscribe through their link, they will earn some extra money that supports their channel. Their opinions remain their own and are unaffected by The Motley Fool.
