Cango discloses receipt of preliminary non-binding letter of intent to request the company's founder to resign from the board and executive positions

Cango, a company listed on the New York Stock Exchange, disclosed that it has received a preliminary non-binding letter of intent from Enduring Wealth Capital Limited (EWCL), aiming to acquire 10 million shares of Class B common stock from the company's co-founder at a price to be agreed upon by both parties. In addition, the letter of intent also requires Cango's founder to voluntarily convert all remaining Class B common shares held into Class A common shares, and to resign from the board of directors and executive positions. EWCL also suggests that Cango sell its existing domestic business and is willing to introduce potential buyers to promote overseas business growth, especially its newly launched cryptocurrency mining business.