Cango Inc. (CANG) Announces Up to $50 Million Share Repurchase Program
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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 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 the effective date (the "Effective Date") of the share repurchase program. The Effective Date will be two trading days after the Company issues its earnings release for the fourth quarter of 2020. The Company currently expects to issue such earnings release on or about March 12, 2021.
Under the 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 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.
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