Cango (NYSE: CANG) set July 20 as the date for a 10-for-1 consolidation of its Class A and Class B ordinary shares on Friday.
Cango expects its Class A shares to begin trading on a post-consolidation basis when the New York Stock Exchange opens July 21
The ticker will remain CANG, while the shares will receive the new CUSIP number G1820C 110. Every 10 Class A shares will convert into one Class A share, with the same ratio applying to Class B shares. The action, commonly called a reverse split, reduces the share count and adjusts the quoted per-share structure but does not automatically increase Cango’s market capitalization.
Cango disclosed in April that the NYSE had issued a minimum-price deficiency notice on March 10. As of March 9, the average closing price of its Class A shares had remained below $1 for 30 consecutive trading days. The company received six months from the notice to regain compliance.