Cango Announces Repurchase Of Up To $30 Mln Shares, Stock Up

(RTTNews) - Cango Inc. (CANG), an automotive transaction service platform in China, on Thursday announced a new share repurchase program of up to $30 million worth of its outstanding shares.

Shares of Cango are increasing in the pre-market.

The share buyback includes both American depositary shares each representing two Class A ordinary shares, and Class A ordinary shares. The repurchase program will be in effect for 12 months starting from April 25.

On April 23, 2024, the company had announced a $50 million share repurchase program and purchased 996,640 ADSs from the open market for about $1.7 million as of March 10. The program will remain active until it expires on April 25.

The repurchases will be funded from the company's existing cash balance.

In the pre-market trading, Cango is 4.82% higher at $3.48 on the New York Stock Exchange.