Cango Inc. held its Second Extraordinary General Meeting of shareholders on July 17, 2025, during which several important resolutions were presented and approved.
Voting Results
At the meeting, all resolutions were approved by no less than 99.3% of the votes cast, with no less than 81% of the votes from non-affiliate shareholders supporting each resolution.
Approved Resolutions
The resolutions include authorization to execute a Securities Purchase Agreement for the secondary sale of 10 million Class B ordinary shares by co-founders for $70 million and an increase in the company's authorized share capital.
Company Expectations
The closing of the Secondary Sale is expected around July 22, 2025, with all parties coordinating to complete the transaction; however, there is no guarantee that conditions will be satisfied.
The Second Extraordinary General Meeting of Cango Inc. affirmed shareholder support for significant corporate actions that will assist the company's future development.
