Cango Adopts New $50M Share Buyback Program

  • Cango Inc CANG board of directors has authorized a new share repurchase program for up to $50 million worth of shares.
  • The repurchases may be made from time to time over the next 12 months, starting from Apr. 25, 2023.
  • The board of directors will review the new share repurchase program periodically and may authorize adjustment of its terms and size.
  • Under the existing share repurchase program, announced on Apr. 22, 2022, Cango repurchased 2.7 million ADSs for $5.7 million up to Apr. 17, 2023.
  • The existing share repurchase program will remain in effect until its expiration on Apr. 25, 2023.
  • Cango plans to fund the repurchases from its existing cash balance. It held $54.9 million in cash and equivalents as of Dec. 31, 2022.
  • Price Action: CANG shares are trading higher by 7.89% at $1.23 in premarket on the last check Friday.
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