coindesk.com
Cango (CANG) is at risk of losing its NYSE listing after its shares traded below $1 on average for 30 consecutive days, triggering a compliance notice from the exchange and giving the bitcoin miner a six-month window to recover, the company said in a press release Wednesday.
The New York Stock Exchange flagged the company on March 10, warning that failure to lift its share price back above the $1 threshold by the end of the cure period could lead to suspension and delisting proceedings. Cango said it plans to monitor market conditions and explore options to regain compliance, while its shares continue trading in the interim.
Against that backdrop, the company is shoring up its balance sheet with fresh capital.
In a separate announcement, Cango said it has entered into a $10 million convertible note agreement with Hong Kong-listed DL Holdings, alongside issuing warrants to purchase shares at $2.70 apiece. The financing is paired with a non-binding cooperation framework that could see the two firms pursue additional joint investments tied to crypto mining and AI infrastructure.
Proceeds from the note are earmarked for upstream acquisitions and expanding Cango’s push into computing infrastructure, part of a broader pivot beyond bitcoin mining.
Cango’s recent fundraising comes as the company pivots beyond its roots in bitcoin mining toward a broader strategy centered on energy and AI compute infrastructure. The firm has been positioning its global mining footprint as a foundation for high-performance computing, aiming to repurpose or expand its power capacity to support>Cango is selling off its bitcoin stash to pay down debt and fund an AI makeover