Cango Inc. Closed the Previously Announced US$10.5 Million Equity Investment from EWCL and Secured US$65 Million Additional Equity Investments

Core Viewpoint - Cango Inc. has successfully closed a US$10.5 million equity investment from Enduring Wealth Capital Limited and secured an additional US$65 million in equity investments from entities owned by its Chairman and a director, aimed at supporting its expansion into AI and computing infrastructure [1]. Investment Details - The company issued 7 million Class B ordinary shares to EWCL at a price of US$1.50 per share, increasing EWCL's ownership from approximately 2.81% to 4.71% and its voting power from approximately 36.68% to 49.71% [1]. - Cango entered into agreements for two additional investments: - Mr. Chiu's entity will purchase 29,975,137 Class A ordinary shares for US$39,567,181, implying a per-share price of US$1.32 [1]. - Mr. Jin's entity will purchase 19,267,287 Class A ordinary shares for US$25,432,819, also at a per-share price of US$1.32 [1]. - Upon completion, Mr. Chiu is expected to hold approximately 11.99% of total outstanding shares and 6.71% of voting power, while Mr. Jin is expected to hold approximately 4.70% of total outstanding shares and 2.63% of voting power [1]. Use of Proceeds - The proceeds from both the Class B Investment and the Proposed Class A Investments will be utilized to enhance the company's expansion into AI and computing infrastructure, as well as to strengthen its balance sheet [1]. Closing Conditions - The closing of the Proposed Class A Investments is subject to customary closing conditions, including approvals from the New York Stock Exchange, with expectations to finalize both investments in February 2026 [1].