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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 use its present international Bitcoin
BTC
$65,374.25
mining websites to assist distributed computing for AI workloads.
The funding is available in two elements. The primary portion, price $10.5 millionhas 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 beneath 5%.
The second portion totals $65 million. It includes about 49 million Class A shares, priced at $1.32 per share, with one vote per share. These shares can be bought via entities owned by Cango chairman Xin Jin and board member Chang-Wei Chiu.
The agreements nonetheless require customary approvals, together with clearance from the New York Inventory Alternate. Cango expects the closing to happen inside 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 roughly $305 million. The corporate used a part of the proceeds to pay down a mortgage backed by Bitcoin and to cut back total debt.
On February 9, Ripple added new options to its institutional custody platform by connecting it to Securosys and Figment. How do they work? Learn the total story.
