Cango (CANG) announced that its board of directors has approved the termination of its American depository receipt program. The ADR program and the related deposit agreement are expected to terminate after market closes on Friday, November 14. At such time, the company’s ADSs will be mandatorily cancelled and the Class A ordinary shares underlying the ADSs will be distributed to holders of the ADSs. Each holder of one ADS will receive two Class A ordinary shares of the company. The company expects its Class A ordinary shares will be listed and commence trading on the New York Stock Exchange under the company’s existing symbol when market opens on Monday, November 17, the trading day immediately after termination of the ADR program.
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