Cango Inc. (CANG) Receives NYSE Notification Letter

Cango, Inc. (NYSE: CANG), a leading automotive transaction service platform in China, today announced that on October 24, 2019 it received a notification letter (the "Notification Letter") from The New York Stock Exchange (the "NYSE") indicating that the Company is not currently in compliance with Section 802.01A of the NYSE Listed Company Manual (the "Manual") relating to the continued listing standards for stockholders, including (i) number of total stockholders of at least 400 or (ii) number of total stockholders of at least 1,200, if the average monthly volume is less than 100,000 (for the most recent 12 months). Therefore, the Company is now subject to the procedures set forth in Sections 801 and 802 of the Manual.

The Notification Letter also states that the Company needs to respond within 90 days, which is no later than January 22, 2020, with a business plan (the "Plan") that demonstrates how the Company expects to return to compliance with the first two standards within a maximum period of 18 months from receipt of the Notification Letter.

The Notification has no impact on listing or trading, as Cango's American Depositary Shares will continue to be listed and traded on the NYSE.

The Company has timely acknowledged the Notification Letter and is working diligently to prepare the Plan. The Company has confidence in its business prospects and its willingness to take proactive measures to address the deficiency, and it anticipates that the deficiency will be cured and that it will return to compliance with the NYSE's continued listing standards.

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