Cango (CANG) said Monday that Enduring Wealth Capital has decided to increase its investment in the Company by subscribing for 7 million additional class B shares for $10 million, or about $1.50 per share in cash.
Upon closing, Enduring's stake in the company's shares is expected to increase to around 4.7% from 2.8%, the company said.
Enduring's voting power will increase to 49.6% from 36.7%, the company said.
The investment is expected to close next month.
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