Cango has secured $75.5 million in new funding because it prepares to shift its operations towards synthetic intelligence (AI) and high-performance computing.
The corporate plans to make use of its current world Bitcoin
$66,454.75
mining websites to help distributed computing for AI workloads.
The funding is available in two components. The primary portion, price $10.5 million, has already been accomplished. Enduring Wealth Capital Restricted acquired seven million Class B shares at $1.50 every. These shares carry 20 votes per share.
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This elevated Enduring Wealth Capital’s voting management to 49.7%, up from 36.7%, whereas its financial possession stays under 5%.
The second portion totals $65 million. It entails about 49 million Class A shares, priced at $1.32 per share, with one vote per share. These shares will likely be bought by means of entities owned by Cango chairman Xin Jin and board member Chang-Wei Chiu.
The agreements nonetheless require commonplace approvals, together with clearance from the New York Inventory Alternate. Cango expects the closing to happen throughout the month.
If the transactions shut as deliberate, Chiu would personal round 12% of all excellent shares and maintain about 6.7% of voting energy. Jin would personal roughly 4.7% of shares and about 2.6% of voting energy.
The brand new financing follows Cango’s sale of 4,451 Bitcoin on February 9 for about $305 million. The corporate used a part of the proceeds to pay down a mortgage backed by Bitcoin and to cut back total debt.
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