Cango announces the completion of $65 million in strategic financing, and has reached a $10 million convertible bond financing and strategic partnership with DL Holdings.

Deep Tide TechFlow message, on April 1, according to a report by PR Newswire, Bitcoin miner Cango Inc. (NYSE: CANG), which is listed on the New York Stock Exchange, announced the completion of two important financing transactions.

First, the company completed a $65 million strategic investment, issuing a total of 49,242,424 shares of Class A common stock to two entities, each wholly controlled by Chairman Xin Jin and Director Chang-Wei Chiu, respectively. The transaction closed on March 31, and the proceeds were settled in USDT.

Second, the company signed a securities purchase agreement with DL Holdings Group Limited (HKEX: 1709), a financial services group listed on the Hong Kong Stock Exchange, under which it will issue to DL Holdings a convertible note with a principal amount of $10 million and warrants exercisable for up to 370,370 shares of Class A common stock, with an exercise price of $2.70 per share. The company intends to use the proceeds to fund upstream acquisitions and the expansion of AI and computing infrastructure. In addition, the two sides also simultaneously signed a memorandum of understanding. DL Holdings said it intends to jointly undertake a strategic investment with Cango with a total amount of up to $10 million, with the investment direction covering cryptocurrency mining facilities and the artificial intelligence sector. The relevant investments are still subject to due diligence and the signing of formal agreements.