Crypto mining company Cango receives a $10.5 million investment from EWCL, with funds to be used to strengthen its bitcoin mining operations.
According to TechFlow, on December 30, as reported by PRNewswire, bitcoin mining company Cango Inc. (NYSE: CANG) announced it has received a $10.5 million investment from Enduring Wealth Capital Limited (EWCL). Under the agreement, EWCL will subscribe for 7 million Class B ordinary shares at a price of $1.50 per share, with each share carrying 20 voting rights.
After the transaction is completed, EWCL's shareholding in Cango is expected to increase from approximately 2.81% to about 4.69%, and its voting rights will rise from around 36.68% to approximately 49.61%. Cango CEO Paul Yu stated that the funds will be used to strengthen bitcoin mining operations, improve computing power efficiency, upgrade mining equipment, and selectively acquire strategic mining assets.
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