SHANGHAI, April 21,
2023 /PRNewswire/ -- Cango Inc. (NYSE: CANG)
("Cango" or the "Company"), a leading automotive transaction
service platform in China, today
announced that its board of directors has authorized a new share
repurchase program (the "New Share Repurchase Program") under which
the Company may repurchase up to US$50 million worth of its
outstanding (i) American depositary shares ("ADSs"), each
representing two Class A ordinary shares, and/or (ii) Class A
ordinary shares over the next 12 months starting from April 25, 2023.
The Company's proposed repurchases may be made from time to time
on the open market at prevailing market prices, in privately
negotiated transactions, in block trades and/or through other
legally permissible means, in accordance with applicable rules and
regulations. The number of ADSs and/or Class A ordinary shares
repurchased and the timing of repurchases will depend on a number
of factors, including, but not limited to, price, trading volume
and general market conditions, along with Cango's working capital
requirements and general business conditions. The Company's board
of directors will review the New Share Repurchase Program
periodically, and may authorize adjustment of its terms and size.
The Company plans to fund the repurchases from its existing cash
balance.
On April 22, 2022, the Company
announced a share repurchase program (the "Existing Share
Repurchase Program") under which the Company may repurchase up to
US$50 million worth of its
outstanding ADSs and/or Class A ordinary shares. Pursuant to the
Existing Share Repurchase Program, the Company had repurchased
2,794,557 ADSs from the open market with cash in the aggregate
amount of approximately US$5.7
million up to April 17, 2023.
For avoidance of doubt, the Existing Share Repurchase Program will
remain in effect until its expiration on April 25, 2023.
About Cango Inc.
Cango Inc. (NYSE: CANG) is a leading automotive transaction
service platform in China
connecting car buyers, dealers, financial institutions, and other
industry participants. Founded in 2010 by a group of pioneers in
China's automotive finance
industry, the Company is headquartered in Shanghai and has a nationwide network.
Leveraging its competitive advantages in technological innovation
and big data, Cango has established an automotive supply chain
ecosystem, and developed a matrix of products centering on customer
needs for auto transactions, auto financing and after-market
services. By working with platform participants, Cango endeavors to
make car purchases simple and enjoyable, and make itself customers'
car purchase service platform of choice. 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. Among
other things, the "Business Outlook" section and quotations from
management in this announcement, contain forward-looking
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: 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.
Investor Relations Contact
Yihe Liu
Cango Inc.
Tel: +86 21 3183 5088 ext.5581
Email: ir@cangoonline.com
Twitter: https://twitter.com/Cango_Group
Helen Wu
Piacente Financial Communications
Tel: +86 10 6508 0677
Email: ir@cangoonline.com
View original
content:https://www.prnewswire.com/news-releases/cango-inc-announces-new-share-repurchase-program-301803891.html
SOURCE Cango Inc.
