Cango Inc. Completes $65M Investment and Secures $10M Convertible Note Financing
DALLAS, April 2, 2026 /PRNewswire/ — Cango Inc. (NYSE: CANG), a leading Bitcoin miner leveraging its global operations to develop an integrated energy and AI compute platform, today announced two significant capital transactions: the closing of a US$65.0 million strategic investment from members of Company leadership, and the execution of a US$10.0 million convertible note financing agreement with DL Holdings Group Limited (HKEX: 1709) (“DL Holdings”), a Hong Kong-listed financial services group. The Company and DL Holdings have also entered into a memorandum of understanding (“MOU”) establishing a strategic cooperation framework.
Closing of US$65.0 Million Strategic Investment
Pursuant to the definitive investment agreements previously announced on February 12, 2026, the Company issued and sold an aggregate of 49,242,424 Class A ordinary shares to two entities, each wholly-owned by Mr. Xin Jin, Chairman of the Company’s board of directors, and Mr. Chang-Wei Chiu, a director of the Company, respectively. The transaction closed on March 31, 2026, generating net proceeds equivalent to US$65.0 million, settled in USDT, reinforcing the Company’s capital structure and reflecting leadership’s confidence in its strategic direction.
US$10 Million Convertible Note Financing and Strategic Partnership with DL Holdings
The Company entered into a securities purchase agreement with DL Holdings. Pursuant to the SPA, the Company issued and sold to DL Holdings a US$10,000,000 convertible note and a warrant to purchase up to 370,370 Class A ordinary shares at an exercise price of US$2.70 per share. Proceeds are intended for upstream acquisitions and expansion into AI and computing infrastructure.
The note matures on April 1, 2028, bears no interest (except upon default), and is convertible at US$1.62 per share beginning April 1, 2027. The warrant is exercisable immediately and expires on April 1, 2028.
In addition, the Company entered into an MOU with DL Holdings, outlining a proposed strategic cooperation framework. Under the MOU, DL Holdings has expressed its intention to make one or more strategic investments along with the Company, with an aggregate potential value of up to US$10 million. The contemplated investments are intended to support the Company’s initiatives in cryptocurrency mining facilities and AI.
These transactions are key steps in executing the Company’s previously disclosed financial strategy entering 2026: to strengthen its balance sheet, reduce leverage, and secure liquidity for its pivot toward AI infrastructure.
Contact: ir@cangoonline.com