SunCar Technology Group Inc. Announces $21 Million Follow-on Offering

Provided By PR Newswire

Last update: Oct 26, 2023

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.