NEW
YORK, Oct. 26, 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 that it has
entered into certain securities purchase agreements with certain
institutional investors for a 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 will issue a total of 2,567,238 Ordinary Shares
to the institutional investors. As part of the transaction, the
Company will issue to the investors certain common warrants
("Common Warrants") for the purchase of up to 3,850,856 Ordinary
Shares at an exercise price of $9.00
per share, which Common Warrants will have a term of five years
from the date of issuance.
The net proceeds from this offering will be used for working
capital and general corporate purposes. The offering is
expected to close on or about October 30,
2023, subject to the satisfaction of customary closing
conditions.
FT Global Capital, Inc. acted as the exclusive placement agent
for the transaction.
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 has been filed with and declared
effective by the Securities and Exchange Commission (the "SEC") on
October 25, 2023. A final prospectus
related to the offering will be filed with the SEC and may be
obtained via 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,
including a prospectus supplement, forming a part of the effective
registration statement.
For further details of this transaction, please see the Form 6-K
to be filed with the SEC.
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.
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SOURCE SunCar Technology Group Inc