07:04 AM EDT, 03/14/2025 (MT Newswires) -- Cango ( CANG ) said Friday that it has received a non-binding proposal from Enduring Wealth Capital, seeking to gain control of the bitcoin mining firm.

Under the proposal, Enduring Wealth Capital seeks to acquire 10 million Class B shares from Cango's ( CANG ) co-founders at a price to be agreed upon and retain Class B shares with 20 votes per share, while the remaining Class B shares held by the founders would be converted into Class A shares with one vote per share.

The proposal also seeks for the co-founders resign from their board and senior management roles and restructuring of Cango's ( CANG ) board and management team. Enduring Wealth Capital also seeks to dispose Cango's ( CANG ) existing China-based business and shift its strategic focus to crypto mining outside China. Under the proposal, Cango ( CANG ) should also terminate its China Concept Stock status with Chinese regulators.

Cango ( CANG ) said its board has formed a special committee of independent directors to evaluate the proposal.

Cango ( CANG ) shares were up over 9% in premarket activity.