Business
Senmiao Technology Limited Announces Closing of US$6.0 Million Public Offering of Common Stock
CHENGDU, China, Aug.6, 2020 /PRNewswire/ -- Senmiao Technology Limited ("Senmiao") (NASDAQ: AIHS), a provider of automobile transaction and related services
About this update from Senmiao Technology Limited
[{"type":"text","content":"CHENGDU, China, Aug.6, 2020 /PRNewswire/ -- Senmiao Technology Limited (\"Senmiao\") (NASDAQ: AIHS), a provider of automobile transaction and related services targeting the online ride-hailing industry in China, today announced the closing of its previously announced underwritten public offering of 12,000,000 shares of common stock at a price of $0.50 per share. The total gross proceeds from the offering are US$6.0 million, prior to deducting underwriting discounts and offering expenses.\nMr. Xi Wen, Senmiao's Chairman and Chief Executive Officer stated, \"This financing not only strengthens our balance sheet, but also brings new investors to our company and will help us in regaining compliance with the Nasdaq minimum equity requirement. We are grateful for this opportunity and plan to utilize the proceeds to further augment our business and help drive value for all shareholders.\"\nSenmiao has granted the underwriters a 45-day over-allotment option to purchase an additional 1,800,000 shares of common stock at the same price, less underwriting discounts and commissions.\nThe Benchmark Company, LLC and Axiom Capital Management, Inc. acted as joint book-running managers for the offering. Ellenoff Grossman & Schole LLP acted as the Company's legal counsel and Sheppard, Mullin, Richter & Hampton, LLP acted as legal counsel for the joint bookrunning managers.\nThe securities described above were offered by Senmiao pursuant to a \"shelf\" registration statement on Form S-3 (File No. 333-230397) previously filed with the Securities and Exchange Commission (the \"SEC\") on March 19, 2020, and declared effective by the SEC on April 15, 2020. A final prospectus supplement and the accompanying prospectus relating to and describing the offering was filed with the SEC. Electronic copies of the final prospectus supplement and the accompanying prospectus may be obtained by visiting the SEC's website at www.sec.gov or by contacting The Benchmark Company, LLC, Attn: Prospectus Department, 150 E. 58th Street, 17th floor, New York, NY 10155, by calling (212) 312-6700 or by e-mail at [email protected].\nThis press release does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful pr...