Business
SunCar Technology Group Announces Pricing of $50 Million Follow-On Public Offering of Class A Ordinary Shares
NEW YORK, Feb. 5, 2025 /PRNewswire/ -- SunCar Technology Group Inc. ("SunCar") (Nasdaq: SDA), an innovative leader in cloud-based B2B auto services and auto
About this update from Suncar Technology Group Inc.
[{"type":"text","content":"NEW YORK, Feb. 5, 2025 /PRNewswire/ -- SunCar Technology Group Inc. (\"SunCar\") (Nasdaq: SDA), an innovative leader in cloud-based B2B auto services and auto e-insurance in China, today announced the pricing of its previously announced public offering of 7,142,858 Class A ordinary shares (the \"Offering\") for total expected gross proceeds of approximately $50 million before underwriting discounts and commissions and offering expenses. In connection with the Offering, SunCar has granted the underwriters of the offering a 30-day option to purchase up to an additional 1,071,429 Class A ordinary shares. The offering is expected to close on or about February 7, 2025, subject to the satisfaction of customary closing conditions. All of the securities to be sold in the offering are being offered by SunCar.\n\nSunCar intends to use the net proceeds from this offering for working capital and general corporate purposes.\nBTIG, LLC is acting as lead book-running manager for the offering, and Macquarie Capital Limited and Oppenheimer & Co. Inc. are acting as joint bookrunners.\nThe Class A ordinary shares are being offered by SunCar only by means of a prospectus and related prospectus supplement forming part of an effective shelf registration statement that was previously filed with and declared effective by the Securities and Exchange Commission (the \"SEC\"). A preliminary prospectus supplement and accompanying base prospectus relating to the offering have been filed with the SEC and are available on the SEC's website at www.sec.gov. Electronic copies of the final prospectus supplement and the accompanying base prospectus related to the offering will be filed with the SEC and will be available on the SEC's website at www.sec.gov. Alternatively, when available, copies may be obtained by contacting BTIG, LLC, Attention: ECM, General Counsel, 65 East 55th Street, New York, New York 10022, by email at [email protected] or by email at [email protected]. \nThis press release does not and shall not constitute an offer to sell or a solicitation of an offer to buy any of SunCar's Class A ordinary shares, nor shall there be any offer, solicitation or sale of such shares, in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of...