Connect with us
DAPA Banner

Crypto World

Cango Secures $10M Deal While Facing NYSE Pressure

Published

on

Brian Armstrong's Bold Prediction: AI Agents Will Soon Dominate Global Financial

TLDR

  • Cango received a notice from the New York Stock Exchange after its shares traded below $1 for 30 consecutive days.
  • The company has six months to regain compliance and avoid suspension or delisting proceedings.
  • Cango secured a $10 million convertible note agreement with DL Holdings to strengthen its balance sheet.
  • The financing includes warrants that allow share purchases at $2.70 per share.
  • Cango recently closed a $65 million strategic investment settled in USDT and issued over 49 million Class A shares.

Cango faces a potential New York Stock Exchange (NYSE) delisting after its shares traded below $1 for 30 consecutive days. The exchange issued a compliance notice and granted a six-month cure period. Meanwhile, Cango secured fresh funding to support operations and expansion plans.

Cango Receives NYSE Compliance Notice Over Share Price

The New York Stock Exchange notified Cango on March 10 about non-compliance with its minimum price rule. The exchange requires an average closing price above $1 over 30 trading days. Cango’s shares fell below that threshold and triggered the notice.

The company now has six months to restore compliance and avoid suspension proceedings. Cango stated that it will monitor market conditions and assess available options. It also confirmed that its shares will continue trading during the cure period.

Cango’s stock has declined more than 70% this year. The shares recently traded near $0.39 after starting January above $1.40. Sustained selling pressure pushed the stock under the exchange’s minimum listing standard.

Cango Secures $10 Million Convertible Note to Support Expansion

Cango entered a $10 million convertible note agreement with Hong Kong-listed DL Holdings. The company also issued warrants allowing share purchases at $2.70 per share. Cango paired the financing with a non-binding cooperation framework.

Advertisement

The framework outlines potential joint investments in crypto mining and AI infrastructure. Cango said it will allocate proceeds toward upstream acquisitions and computing infrastructure expansion. The company continues shifting focus beyond bitcoin mining operations.

Management has positioned its global mining footprint as a base for high-performance computing services. The company plans to repurpose or expand power capacity for AI-driven workloads. This strategy supports revenue diversification within computing infrastructure.

Cango recently closed a $65 million strategic investment round. Entities controlled by Chairman Xin Jin and Director Chang-Wei Chiu led the transaction. The deal was settled in USDT and concluded on March 31.

The company issued more than 49 million Class A shares under that agreement. Cango said the capital strengthens its balance sheet. It aims to support operations during ongoing market pressure.

Advertisement

Management stated that it seeks to stabilize finances while executing long-term plans. The company continues evaluating measures to regain compliance with NYSE rules. Cango confirmed that it remains focused on meeting the $1 minimum requirement.

The recent fundraising activity reflects immediate capital needs. Cango continues trading on the NYSE under existing ticker terms. The company has not announced a reverse split or other corporate action.

Cango confirmed that it will provide updates regarding compliance efforts. The company emphasized that the notice does not immediately affect trading. Shares last changed hands near $0.39, reflecting year-to-date losses above 70%.

Advertisement

Source link

Continue Reading
Click to comment

You must be logged in to post a comment Login

Leave a Reply

Crypto World

The Next Crypto Bull Run Won’t Be About Coins or Viral Hype

Published

on

Crypto bull cycles over the past 5 years have been mostly about token speculation and, more recently, institutional adoption. But the next cycle will be dominated by real-world applications, according to Clem Chambers – founder of ADVFN, Europe’s leading stocks and markets website

Speaking at BeInCrypto’s Markets Intelligence Council, Chambers argued that the industry is moving past its trading-driven cycle.

“That era has probably ended and certainly is coming to an end. And then that will be replaced by use cases,” he said, pointing to a structural change in how value is created in crypto.

The Trade Is Crowded, The Utility Isn’t

His comments come as the current cycle shows clear divergence between price action and underlying activity. Bitcoin and Ethereum continue to attract institutional flows, especially in a post-ETF environment. 

However, capital is concentrating at the top, while mid-tier tokens struggle to hold attention or liquidity.

Advertisement

At the same time, a different layer of the market is gaining traction. Tokenized real-world assets, stablecoin-based payment rails, and blockchain infrastructure tied to AI and data are seeing steady growth. 

These sectors generate usage, fees, and in some cases, real revenue — something most speculative tokens failed to deliver in previous cycles.

Forget Tokens, Think Products

Chambers framed this shift bluntly. 

Advertisement

“Forget Fi and look for apps, not Fi, apps, applications of tokens and blockchains,” he said. 

Earlier cycles focused on financial primitives — DeFi protocols, yield farming, and token trading. The emerging trend centers on applications that users interact with directly, often without focusing on the underlying token.

This aligns with broader market signals in 2026. Tokenized funds from firms like BlackRock and growing stablecoin usage in payments show how blockchain is embedding into existing financial systems. 

Meanwhile, infrastructure sectors such as decentralized physical networks and AI-linked protocols are attracting developer activity and venture funding.

However, this transition is uneven. Speculative trading still drives short-term price moves, and retail participation remains largely momentum-based. 

Many application-layer projects also struggle with user retention and monetization.

Even so, the direction is becoming clearer. If previous cycles were driven by narratives around tokens, the next phase may depend on whether blockchain-based applications can deliver consistent utility.

Chambers’ argument reflects a broader reality: the market is starting to reward usage over hype. 

Advertisement

Whether that shift fully defines the next cycle will depend on how quickly these applications can scale beyond crypto-native users.

The post The Next Crypto Bull Run Won’t Be About Coins or Viral Hype appeared first on BeInCrypto.

Source link

Advertisement
Continue Reading

Crypto World

Drift Protocol Warns of Potential Cybersecurity Exploit

Published

on

Cybercrime, Cybersecurity, Hacks, Decentralized Exchange

Drift Protocol, a decentralized cryptocurrency exchange (DEX), detected “unusual” trading activity on the platform on Wednesday, warning users not to deposit funds until the issue has been resolved.

The Drift team did not disclose the specific cause of the ongoing incident or the damage in its initial announcement and is currently investigating the issue. 

In a subsequent update, the Drift team announced that deposits and withdrawals on the platform have been suspended. 

Cybercrime, Cybersecurity, Hacks, Decentralized Exchange
Source: Drift Protocol

Blockchain cybersecurity threat researcher Vladimir S said the exploit was likely due to a crypto wallet private key leak, and the total funds lost in the incident could be as high as $200 million. 

“Admin signer was compromised, or whoever controls it intentionally executed these changes,” he said

Advertisement

The stolen assets include wrapped versions of Bitcoin (BTC), Jito (JTO), the Fartcoin (FRT) memecoin, other altcoins, and various dollar, euro, and Japanese yen stablecoins, which have since been transferred to multiple wallets, according to Vladimir S.

Cybercrime, Cybersecurity, Hacks, Decentralized Exchange
Source: Vladimir S

The exploiter started converting the stolen assets to the USDC (USDC) stablecoin, bridging the funds to the Ethereum network and purchasing Ether (ETH), according to Solana treasury company DeFi Development Corp.

Cointelegraph reached out to Drift Protocol but did not receive an immediate response by the time of publication. 

Cybersecurity exploits and hacks were responsible for $49 million in crypto losses during February, a sharp decrease from January, but a reflection of the ongoing security threats users and platforms face.

Related: Resolv temporarily halts protocol to ‘contain the impact’ of 80M USR exploit

Advertisement

Drift token impacted by the exploit

The price of the Drift (DRIFT) token briefly reached $0.68 on Wednesday, but fell by about 18% following news of the exploit, according to data from CoinMarketCap.

Cybercrime, Cybersecurity, Hacks, Decentralized Exchange
Drift token falls after news of the exploit. Source: CoinMarketCap

About 83% of the native crypto tokens of hacked platforms never recover to pre-hack prices, according to blockchain security company Immunefi. 

“The stolen funds are only the first layer of damage,” Immunefi CEO Mitchell Amador told Cointelegraph in March.

“What follows is often more destructive: sustained token price suppression, reduced treasury capacity, leadership disruption, lost development time, and erosion of user trust,” he added. 

Magazine: WazirX hackers prepped 8 days before attack, swindlers fake fiat for USDT: Asia Express

Advertisement