SHANGHAI, April 22, 2022 /PRNewswire/ -- Cango Inc. (NYSE:
CANG) ("Cango" or the "Company"), a leading automotive transaction
service platform in China, today
announced (i) the declaration of a special cash dividend, (ii) a
new share repurchase program, and
(iii) option grants to certain executive officers.
Special Cash Dividend
Cango's board of directors has approved and declared a special
cash dividend of US$0.5 per ordinary
share (or US$1 per American
depository share) on its outstanding shares, to be paid on
June 15,
2022 (Eastern Time) to shareholders of record as
of the close of trading on May 25, 2022
(Eastern Time).
New Share Repurchase Program
Cango's 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, 2022.
Under the New Share Repurchase Program, the Company may
repurchase its ADSs from time to time through open market
transactions at prevailing market prices, privately negotiated
transactions, block trades or any combination thereof. In addition,
Cango will also effect repurchase transactions in compliance with
Rule 10b5-1 and/or Rule 10b-18 under
the Securities Exchange Act of 1934, as amended, and its insider
trading policy. The number of ADSs 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 August 19, 2021, 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
6,241,379 ADSs from the open
market with cash in the aggregate amount of approximately
US$23.0 million up to April 21, 2022. For avoidance of doubt, the
Existing Share Repurchase Program will remain in effect until its
expiration on August 25, 2022.
Option Grants
Cango's board of directors has authorized the grant of (i) an
option to purchase 6,000,000 Class A ordinary shares to Mr.
Xiaojun Zhang, Cango's co-founder
and chairman, and (ii) an option to purchase 6,000,000 Class A
ordinary shares to Mr. Jiayuan Lin,
Cango's co-founder, director and chief executive officer. These
share options are granted in consideration of Mr. Zhang and Mr.
Lin's roles in guiding Cango's profitable investment in Li Auto
Inc., a provider of new energy passenger vehicles in China. The share options vest immediately upon
grant and have an exercise price of US$1.2951 per Class A ordinary share.
About Cango Inc.
Cango Inc. (NYSE: CANG) is a leading automotive transaction
service platform in China
connecting dealers, financial institutions, car buyers, 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 engages car buyers through a
nationwide dealer network. The Company's services primarily consist
of automotive financing facilitation, car trading transactions, and
after-market services facilitation. By utilizing its competitive
advantages in technology, data insights, and cloud-based
infrastructure, Cango is able to connect its platform participants
while bringing them a premium user experience. Cango's platform
model puts it in a unique position to add value for its platform
participants and business partners as the automotive and mobility
markets in China continue to grow
and evolve. 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
Emilie Wu
The Piacente Group, Inc.
Tel: +86 21 6039 8363
Email: ir@cangoonline.com
View original
content:https://www.prnewswire.com/news-releases/cango-inc-announces-certain-updates-301530900.html
SOURCE Cango Inc.