Cango Adopts New $50M Share Buyback Program

Cango Inc CANG board of directors has authorized a new share repurchase program for up to $50 million worth of shares.
The repurchases may be made from time to time over the next 12 months, starting from Apr. 25, 2023.
The board of directors will review the new share repurchase program periodically and may authorize adjustment of its terms and size.
Under the existing share repurchase program, announced on Apr. 22, 2022, Cango repurchased 2.7 million ADSs for $5.7 million up to Apr. 17, 2023.
The existing share repurchase program will remain in effect until its expiration on Apr. 25, 2023.
Cango plans to fund the repurchases from its existing cash balance. It held $54.9 million in cash and equivalents as of Dec. 31, 2022.
Price Action: CANG shares are trading higher by 7.89% at $1.23 in premarket on the last check Friday.