Cango (CANG) Registration Filing summary

Company overview and business model

• Engaged primarily in Bitcoin mining with operations in North America, Middle East, South America, and East Africa since November 2024.

• Also operates an online international used car export business through AutoCango.com, focusing on vehicle inventory from China.

• Divested all PRC-based businesses in May 2025 for $351.94 million, repositioning to focus on crypto mining and international auto trading.

Financial performance and metrics

• 2024 bitcoin mining income was $89.9 million, recognized as non-cash consideration for hash calculation services.

• Net income from continuing operations in 2024 was $4.76 million; discontinued operations contributed $36.89 million.

• Total assets as of December 31, 2024, were $817.8 million, with $242.8 million in mining machines and $84.5 million in bitcoin collateral.

• Cash and cash equivalents at year-end 2024 were $90.4 million.

• Shareholders' equity increased to $553.9 million by year-end 2024.

Use of proceeds and capital allocation

• Net proceeds from securities sales will be used as set forth in applicable prospectus supplements.

• Significant capital allocated to mining machine purchases and hosting prepayments.

• Ongoing share repurchase programs authorized up to $50 million in 2024 and $30 million in 2025.