Cango climbs on $50 mln share buyback plan, special cash dividend

Cango

25/04/2022 13:55

** U.S.-listed shares of Chinese automotive financing
services provider  CANG.N  up 15.7% to $2.73 premarket 
    ** Stock set to snap two-day losing streak and on track for
its best day since March 18, if gains hold
    ** Co declares a special cash dividend of $0.5/shr (or
$1/ADS) payable on June 15  urn:newsml:reuters.com:*:nPn2hLg5Pa
    ** CANG also authorizes a new share buyback program under
which it may repurchase up to $50 mln worth of its ADSs (each
representing two Class A ordinary shares), and/or ordinary
shares over the next 12 months starting April 25
    ** Co's existing $50 mln share buyback programme will remain
in effect until its expiration on August 25
    ** More than 1.1 mln shares of the Shanghai-based company
have traded so far, ~697.6% of their 30-DMA volume
    ** CANG has 149.87 mln shares outstanding worth $353.70 mln,
per Refinitiv data
    ** As of last close, stock down 24.8% YTD

 (Reporting by Devik Jain in Bengaluru)
 ((Devik.Jain@thomsonreuters.com; within U.S. +1 646 223 8780;
outside U.S. +91 80 6182 2062; ;))