Cango Receives NYSE Delisting Notice After Shares Fall Below $1

The NYSE notified the Dallas-based company on 10 Mar that it had fallen out of compliance with continued listing standards. Cango now has a six-month cure period to lift its average closing price back above $1 or face suspension and potential delisting proceedings. The company said the notice has no immediate impact on operations and that it will monitor market conditions while exploring options to regain compliance.

At 09:45UTC, CANG was pricing at around $0.42 in pre-market trading, up about 3% on yesterday's close of $0.41. It is down about 70% year-to-date, and around 95% off its all-time high of $9.80 from late-January 2021. Shares have not traded above the $1 threshold since 10 Feb.

Mounting financial and strategic pressure

The pressure comes as Cango grapples with heavy losses and its second major strategic overhaul in as many years. The firm, which pivoted from automotive trading into Bitcoin mining in late 2024, is now redirecting its energy infrastructure toward high-performance computing for AI. It reported a $453mn net loss for 2025 despite $688mn in revenue, almost all of it from digital asset mining. Much of the loss stemmed from non-cash charges, including mining equipment impairments.

The repeated pivots highlight the brutal economics facing listed crypto miners: soaring electricity and hardware costs, Bitcoin price swings, and intensifying competition have squeezed margins and tested investor patience.

Cango’s move mirrors a broader scramble in the sector. Several peers — including Bitfarms, IREN, and Core Scientific — are similarly repurposing power-hungry mining facilities for AI and high-performance computing workloads, hoping steadier revenue streams can stabilise their balance sheets.

With its share price languishing, prolonged weakness could make fresh capital pricier and erode confidence precisely when Cango needs resources most for its latest transformation.