SHANGHAI, Aug. 19, 2021 /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 August 26, 2021. On March
2, 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 5,397,207 ADSs with cash in the aggregate amount of
approximately US$48.4 million up to
July 31, 2021.
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.
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
Emilie Wu
The Piacente Group, Inc.
Tel: +86 21 6039 8363
Email: ir@cangoonline.com
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SOURCE Cango Inc.