SHANGHAI, June 5, 2019 /PRNewswire/ -- 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$10 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 June 5, 2019.
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.
About Cango, Inc.
Cango Inc. (NYSE: CANG) is a leading automotive transaction
service platform in China
connecting dealers, financial institutions, car buyers, and other
industry participants. Founded in 2010 by a group of pioneers in
China's automotive finance
industry, the Company is headquartered in Shanghai and engages car buyers through a
nationwide dealer network. The Company's services primarily consist
of automotive financing facilitation, automotive transaction
facilitation, and after-market services facilitation. By utilizing
its competitive advantages in technology, data insights, and
cloud-based infrastructure, Cango is able to connect its platform
participants while bringing them a premium user experience. Cango's
platform model puts it in a unique position to add value for its
platform participants and business partners as the automotive and
mobility markets in China continue
to grow and evolve. For more information, please visit:
www.cangoonline.com.
Safe Harbor Statement
This announcement contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the
United States Private Securities Litigation Reform Act of 1995.
These forward-looking statements can be identified by terminology
such as "will," "expects," "anticipates," "future," "intends,"
"plans," "believes," "estimates" and similar statements. Among
other things, the "Business Outlook" section and quotations from
management in this announcement, contain forward-looking
statements. Cango may also make written or oral forward-looking
statements in its periodic reports to the SEC, in its annual report
to shareholders, in press releases and other written materials and
in oral statements made by its officers, directors or employees to
third parties. Statements that are not historical facts, including
statements about Cango's beliefs and expectations, are
forward-looking statements. Forward-looking statements involve
inherent risks and uncertainties. A number of factors could cause
actual results to differ materially from those contained in any
forward-looking statement, including but not limited to the
following: Cango's goal and strategies; Cango's expansion plans;
Cango's future business development, financial condition and
results of operations; Cango's expectations regarding demand for,
and market acceptance of, its solutions and services; Cango's
expectations regarding keeping and strengthening its relationships
with dealers, financial institutions, car buyers and other platform
participants; general economic and business conditions; and
assumptions underlying or related to any of the foregoing. Further
information regarding these and other risks is included in Cango's
filings with the SEC. All information provided in this press
release and in the attachments is as of the date of this press
release, and Cango does not undertake any obligation to update any
forward-looking statement, except as required under applicable
law.
Investor Relations Contact
Jenny Tang
Cango Inc.
Tel: +86 21 3183 5088 ext.5521
Email: ir@cangoonline.com
Jack Wang
ICR Inc.
Tel: +1 (646) 405-5056
Email: ir@cangoonline.com
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SOURCE Cango Inc.