NEW
YORK, Oct. 30, 2023 /PRNewswire/ -- SunCar
Technology Group Inc. (the "Company" or "SunCar") (NASDAQ: SDA), a
leading provider of digitalized enterprise automotive after-sales
services and online auto insurance intermediation services in
China, today announced it closed
its previously announced follow-on offering of $21 million of Class A Ordinary Shares, par value
$0.0001 per share (the "Ordinary
Shares") at a price of $8.18 per
share. The Company issued a total of 2,567,238 Ordinary Shares to
certain institutional investors. As part of the transaction, the
Company issued to the investors certain common warrants ("Common
Warrants") for the purchase of up to 3,850,857 Ordinary Shares at
an exercise price of $9.00 per share,
which Common Warrants have a term of five years from the date of
issuance. The net proceeds to the Company from this offering are
approximately $19 million, after
deducting placement agent fees and other estimated offering
expenses.
FT Global Capital, Inc. acted as the exclusive placement agent
for the transaction.
Pryor Cashman LLP acted as counsel to the Company and ArentFox
Schiff LLP acted as counsel to the placement agent in connection
with the offering.
The Company intends to use the net proceeds from this offering
for working capital and general corporate purposes.
These securities are being offered through a prospectus
contained in the Company's effective registration statement on Form
F-1 (Filing No. 333-275144) which was declared effective by the
Securities and Exchange Commission (the "SEC") on October 25, 2023. A final prospectus related to
the offering has been filed with the SEC and is available for free
on the SEC's website at www.sec.gov.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy, and these securities cannot be
sold in any state in which this offer, solicitation, or sale would
be unlawful prior to registration or qualification under the
securities laws of any such state. Any offer will be made only by
means of a prospectus forming a part of the effective registration
statement.
About SunCar Technology Group Inc.
Originally founded in 2007, SunCar is transforming the customer
journey for car insurance and aftermarket services in China, the largest passenger vehicle market in
the world. SunCar develops and operates online platforms that
seamlessly connect drivers with a wide range of automotive services
and insurance coverage options through a nationwide network of
provider partners. As a result, SunCar has established itself as
the leader in China in the B2B
automotive after-sales services market and the online insurance
market for electric vehicles. The company's multi-tenant,
cloud-based platform empowers its enterprise clients to optimally
access and manage their customer database and offerings, and
drivers gain access to hundreds of services from tens of thousands
of independent providers in a single application. For more
information, please visit: https://suncartech.com.
Forward-Looking Statements
This press release contains information about the Company's view
of its future expectations, plans and prospects that constitute
forward-looking statements. Actual results may differ materially
from historical results or those indicated by these forward-looking
statements as a result of a variety of factors including, but not
limited to, risks and uncertainties associated with its ability to
raise additional funding, its ability to maintain and grow its
business, variability of operating results, its ability to maintain
and enhance its brand, its development and introduction of new
products and services, the successful integration of acquired
companies, technologies and assets into its portfolio of products
and services, marketing and other business development initiatives,
competition in the industry, general government regulation,
economic conditions, dependence on key personnel, the ability to
attract, hire and retain personnel who possess the technical skills
and experience necessary to meet the requirements of its clients,
and its ability to protect its intellectual property. The Company
encourages you to review other factors that may affect its future
results in the Company's annual reports and in its other filings
with the Securities and Exchange Commission.
Contact Information:
SunCar:
Investor Relations: Ms. Hui Jiang
Email: IR@suncartech.com
Legal: Ms. Li Chen
Email: chenli@suncartech.com
U.S. Investor Relations
Matthew Abenante, IRC
President
Strategic Investor Relations, LLC
Tel: 347-947-2093
Email: matthew@strategic-ir.com
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SOURCE SunCar Technology Group Inc