Cango Inc. (CANG) has announced a new share repurchase program under which the Company may repurchase up to $50 million worth of its outstanding American depositary shares ("ADSs") and/or Class A ordinary shares over the next 12 months starting from April 25, 2023. This move is a sign of confidence from Cango that it can generate enough cash to buy back its own shares, and may be an attractive opportunity for investors.

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New Share Repurchase Program Details

Cango's board of directors has authorized the New Share Repurchase Program, which allows Cango to repurchase its own shares on the open market, in block trades, and through other legally permissible means. The timing and amount of the share repurchases will depend on several factors, including price, trading volume, and general market conditions. Cango's board of directors will review the New Share Repurchase Program periodically, and may authorize adjustments to its terms and size.

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Existing Share Repurchase Program

Cango had already announced a share repurchase program (the "Existing Share Repurchase Program") on April 22, 2022, which allowed it to repurchase up to $50 million worth of its outstanding ADSs and/or Class A ordinary shares. Up to April 17, 2023, Cango had repurchased 2,794,557 ADSs from the open market with cash in the aggregate amount of approximately $5.7 million. The Existing Share Repurchase Program will remain in effect until its expiration on April 25, 2023.

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Members of LevelFields received the alert of this event on April 21, 6:25 AM ET

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