BlockBeats News, October 16th. Bitcoin mining company Cango Inc. announced that its board of directors has approved the termination of its American Depositary Receipt (ADR) program. The ADRs will be cancelled, and the company will instead list Class A common stock directly on the New York Stock Exchange (NYSE).
According to the announcement, the ADR program is set to terminate after the close of business on November 14, 2025. At that time, holders of 1 ADS will receive 2 shares of Class A common stock. The Class A common stock is expected to begin trading on the NYSE on November 17, with the trading symbol remaining as “CANG”.
Cango stated in the announcement that this structural adjustment aims to allow U.S. investors to directly exercise shareholder rights, eliminate custody fees borne by ADS holders, enhance the company’s appeal to institutional investors, and further strengthen its position in the U.S. market.
