Cango Inc. has announced a definitive agreement with its co-founders and Enduring Wealth Capital Limited (EWCL) regarding a significant shareholder transaction. The agreement involves the sale of 10 million Class B ordinary shares by the co-founders to EWCL for $70 million, with $15 million contingent on certain conditions. This move follows a preliminary letter of intent from EWCL and the disposal of Cango's business in China. The deal includes provisions to maintain the voting power of the shares and a restructuring of the board and management. Shareholder approval is required, and the transaction's completion depends on meeting various conditions. If successful, EWCL could hold significant voting power in the company.