SHANGHAI, Nov. 13, 2019
/PRNewswire/ -- Cango, Inc. (NYSE: CANG) ("Cango" or the
"Company"), 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.
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
Caesar Cao
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
View original
content:http://www.prnewswire.com/news-releases/cango-inc-receives-nyse-notification-letter-300957665.html
SOURCE Cango Inc.