Bitcoin Miner Cango Raises $75M, NYSE Issues Delisting Notice

Bitcoin Miner Cango Raises $75M, NYSE Issues Delisting Notice

AI infrastructure and Bitcoin mining firm Cango (NYSE: $CANG) said it raised a total of US$75 million on Wednesday while also working to address a recent delisting warning from the NYSE.

The company revealed in a press release that it closed a US$65.0 million strategic investment from members of its own leadership team, initially announced in February. The transaction involved the sale of approximately 49.2 million Class A ordinary shares to entities wholly owned by Chairman Xin Jin and Director Chang-Wei Chiu.

Notably, the investment was settled in USDT (CRYPTO: $USDT).

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Separately, Cango secured US$10.0 million through a convertible note financing with DL Holdings Group Limited, a Hong Kong-listed financial services firm. The note, which matures in April 2028, carries no interest and features an initial conversion price of $1.62 per share.

As part of the deal, Cango also issued a warrant allowing DL Holdings to purchase additional shares at $2.70 each.

The Texas based company has been leveraging its global fleet of over 40 crypto mining sites across North America, the Middle East and East Africa to build out a GPU compute network.

While the funding provides a significant catalyst for further expansion, Cango is also addressing a recent delisting notice from the NYSE. The company disclosed on Wednesday that it received a notice from the New York Stock Exchange regarding its failure to maintain the $1.00 minimum average closing price over a 30-day period.

Cango says it has entered a six-month "cure period" to regain compliance. Management indicated that the $75 million in new capital, combined with its shift toward AI infrastructure, is expected to increase value and boost share price to satisfy listing requirements.

Shares of Cango are trading at 40 cents, down 2.70 percent.

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