DALLAS, April 2, 2026 /PRNewswire/ — Cango Inc. (NYSE: CANG), a leading bitcoin miner leveraging its global operations to develop an integrated energy computing and AI platform, today announced two significant capital transactions: the closing of a strategic investment of $65 million from the Company’s management, and the execution of a $10 million convertible bond 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 establishing a framework for strategic cooperation.
Closing of a $65 million strategic investment
Pursuant to the definitive investment agreements announced on February 12, 2026, the Company issued and sold an aggregate of 49,242,424 shares of Class A common stock to two entities, each held at 100% by Mr. Xin Jin, Chairman of the board of directors of the Company, and Mr. Chang-Wei Chiu, director of the Company, respectively. The transaction closed on March 31, 2026, generating net proceeds equivalent to $65.0 million, settled in USDT, strengthening the Company’s capital structure and reflecting management’s confidence in its strategic direction.
Convertible bond financing for an amount of $10 million and strategic partnership with DL Holdings
The Company has entered into a securities purchase agreement with DL Holdings. Pursuant to the SPA, the Company issued and sold to DL Holdings a $10,000,000 convertible bond and warrant to purchase up to 370,370 shares of Class A common stock at an exercise price of $2.70 per share. The product is intended for upstream acquisitions and development in the areas of AI and IT infrastructure.
The bond matures on April 1, 2028, is interest-free (except in the event of default) and is convertible at a price of $1.62 per share on or after April 1, 2027. The warrant is immediately exercisable and expires on April 1, 2028.
In addition, the Company has entered into a memorandum of understanding with DL Holdings which defines a framework for strategic cooperation. Under this Memorandum of Understanding, DL Holdings has expressed its intention to make one or more strategic investments alongside the Company, for a total potential value of up to $10 million. The planned investments are intended to support the Company’s initiatives in cryptocurrency mining facilities and AI.
These transactions constitute key steps in the implementation of the Company’s financial strategy, communicated previously and which extends until 2026: in order to strengthen its balance sheet, reduce leverage and obtain liquidity for its focus on AI infrastructure.
Contact : [email protected]
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