Cango Secures US$65M Leadership Investment and US$10M Convertible Note
Cango raised US$65 million through leadership-led share placements and secured a US$10 million convertible note with DL Holdings, issuing 49.2 million Class A shares and a note convertible at US$1.62 per share. An MOU outlines up to US$10 million for AI compute and mining expansion.
1. Leadership Strategic Investment
On March 31, 2026, Cango issued and sold 49,242,424 Class A ordinary shares to two entities controlled by Chairman Xin Jin and director Chang-Wei Chiu, generating net proceeds of US$65.0 million settled in USDT. This transaction underscores the leadership team’s confidence in Cango’s integrated energy and AI compute platform and substantially reinforces its capital structure.
2. Convertible Note Financing Details
Cango executed a securities purchase agreement with DL Holdings, issuing a US$10.0 million convertible note and a warrant for 370,370 Class A shares at a US$2.70 exercise price. The note carries no interest except on default, converts at US$1.62 per share from April 1, 2027, and matures on April 1, 2028, with optional extensions and redemption rights.
3. Strategic Cooperation and MOU
Under a memorandum of understanding, DL Holdings may make one or more strategic investments totaling up to US$10 million to support Cango’s cryptocurrency mining facilities and AI computing initiatives. Any such investments remain subject to due diligence and the execution of definitive binding agreements.