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.
SunCar intends to use the net proceeds from this offering for
working capital and general corporate purposes.
BTIG, LLC is acting as lead book-running manager for the
offering, and Macquarie Capital Limited and Oppenheimer & Co.
Inc. are acting as joint bookrunners.
The 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 IBLegal@btig.com or
by email at btig-ibd-equitycapitalmarkets@btig.com.
This 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 any such state or
jurisdiction.
About SunCar Technology Group Inc.
Founded in 2007, SunCar is transforming the customer journey for
auto services and auto insurance in China, the largest passenger vehicle market in
the world. SunCar develops and operates cloud-based platforms that
seamlessly connect drivers with a wide range of auto services and
insurance coverage options through a nationwide network of sales
partners. As a result, SunCar has established itself as the leader
in China in the B2B auto services
market and the auto eInsurance market for electric vehicles.
SunCar's intelligent cloud platform empowers its enterprise clients
to access and manage their customer database and offerings
optimally, 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.
Cautionary Language Concerning Forward-Looking
Statements
This press release contains "forward-looking statements" within
the meaning of the U.S. Private Securities Litigation Reform Act of
1995. Forward-looking statements include, but are not limited to,
statements regarding SunCar's expectations regarding the
consummation of the offering, the anticipated use of the net
proceeds of the offering and the satisfaction of customary closing
conditions with respect to the offering. In addition, any
statements that refer to projections, forecasts, or other
characterizations of future events or circumstances, including any
underlying assumptions, are forward-looking statements. The words
"anticipate," "believe," "continue," "could," "estimate," "expect,"
"intend," "may," "might," "plan," "possible," "potential,"
"predict," "project," "should," "would" and similar expressions may
identify forward-looking statements, but the absence of these words
does not mean that statement is not forward looking.
Forward-looking statements are based on current expectations and
assumptions that, while considered reasonable by SunCar and its
management, as the case may be, are inherently uncertain. New risks
and uncertainties may emerge from time to time, and it is not
possible to predict all risks and uncertainties. Actual results
could differ materially from those anticipated in such
forward-looking statements as a result of various risks and
uncertainties, which include, without limitation, the risk that the
offering will not be consummated; the impact of general economic,
health, industrial or political conditions in the United States or internationally; and
other risks and uncertainties identified in SunCar's Annual Report
on Form 20-F for the fiscal year ended December 31, 2023, as well as other filings and
reports that are filed by SunCar from time to time with the
SEC.
Nothing in this press release should be regarded as a
representation by any person that the forward-looking statements
set forth herein will be achieved or that any of the contemplated
results of such forward-looking statements will be achieved. You
should not place undue reliance on forward-looking statements in
this press release, which speak only as of the date they are made
and are qualified in their entirety by reference to the cautionary
statements herein. SunCar does not undertake or accept any duty to
release publicly any updates or revisions to any forward-looking
statements to reflect any change in its expectations or in the
events, conditions or circumstances on which any such statement is
based.
Contact Information:
SunCar:
Investor Relations: Ms. Hui Jiang
Email: IR@suncartech.com
Legal: Ms. Li Chen
Email: chenli@suncartech.com
U.S. Investor Relations:
Matthew Abenante,
IRC
President
Strategic Investor Relations, LLC
Tel: 347-947-2093
Email: matthew@strategic-ir.com
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SOURCE SunCar Technology Group Inc.
