Business
SunCar Technology Group Inc. Announces the Closing of $21 Million Follow-on Offering
NEW YORK, Oct. 30, 2023 /PRNewswire/ -- SunCar Technology Group Inc. (the "Company" or "SunCar") (NASDAQ: SDA), a leading provider of digitalized enterprise
About this update from Suncar Technology Group Inc.
[{"type":"text","content":"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.\n\nFT Global Capital, Inc. acted as the exclusive placement agent for the transaction.\nPryor Cashman LLP acted as counsel to the Company and ArentFox Schiff LLP acted as counsel to the placement agent in connection with the offering. \nThe Company intends to use the net proceeds from this offering for working capital and general corporate purposes.\nThese 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. \nThis 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.\nAbout SunCar Technology Group Inc.\nOriginally 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 onl...