BEIJING (dpa-AFX) - Cango Inc. (CANG), a bitcoin mining company, Thursday announced the decision to sell its existing PRC business to Ursalpha Digital Limited for about $351.94 million in cash.
Of the total consideration, initial payment of approximately $210.64 million will be payable on the closing date, and the remaining amount to be paid subject to certain conditions.
Upon completion of the deal, the company will make a filing with the China Securities Regulatory Commission for the termination of its status as a 'China Concept Stock'.
However, the agreement includes a clause that if the PRC Business disposal is to be reversed, the company will be required to repurchase the PRC Business from the purchaser at a consideration equal to the purchase price already paid by the purchaser.
In the pre-market hours, Cango's stock is trading at $4.19, down 0.71 percent on the New York Stock Exchange.
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