India, March 14 -- Cango Inc. (CANG), an automotive transaction service platform in China, on Friday announced that its Board of Directors received a preliminary non-binding letter of intent from Enduring Wealth Capital Ltd. to obtain control of the Company through a series of proposed actions.
The letter of intent is intended to support the company's expansion outside China, particularly in its new crypto mining business.
Enduring Wealth Capital, a financial planning and investment management services company plans to acquire Cango through 10 million Class B shares from co-founders Xiaojun Zhang and Jiayuan Lin at a mutually agreed price.
Cango said it will take the necessary steps to ensure these shares retain 20 votes per share.
Mean...