NEW
YORK, Feb. 4, 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 a firm
commitment underwritten follow-on public offering of an aggregate
of up to $50 million of Class A
Ordinary Shares, par value $0.0001
per share (the "Class A Ordinary Shares"). In connection with the
offering, SunCar intends to grant the underwriters a 30-day
option to purchase an aggregate of up to $7.5 million
additional Class A Ordinary Shares at the public offering price
less the underwriting discount. The net proceeds from this offering
will be used 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 closing of the proposed
offering is subject to market and other conditions and there can be
no assurance as to whether or when the offering may be completed,
or as to the actual size or terms of the proposed offering.
The securities described are being offered by SunCar pursuant to
an effective shelf registration statement on Form F-3 (No.
333-279916) that was previously filed with the Securities and
Exchange Commission (the "SEC") on June 3,
2024 and declared effective by the SEC on June 14, 2024. A preliminary prospectus
supplement and accompanying prospectus relating to and describing
the terms of the proposed offering will be filed with the SEC.
Before you invest, you should read the preliminary prospectus
supplement and the accompanying prospectus in that registration
statement and other documents filed with the SEC for more
information about SunCar and this offering. You may obtain these
documents free of charge by visiting the SEC's website
at www.sec.gov. When available, copies of the preliminary
prospectus and the accompanying prospectus relating to the
securities being offered may also be obtained from 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; or Macquarie Capital
Limited, Attention: MacCap US-Asia ECM Execution, Level 22, One
International Finance Centre 1 Harbour View Street, Central Hong Kong, by email at:
maccap.usasiaecmexecution@macquarie.com; or Oppenheimer &
Co. Inc. Attention: Syndicate Prospectus Department, 85 Broad
Street, 26th Floor, New York,
NY 10004, by email at EquityProspectus@opco.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 "safe harbor" provisions of the Private
Securities Litigation Reform Act of 1995. All statements other than
statements of historical facts contained in this press release,
including statements regarding the offering and the anticipated use
of the net proceeds from the offering, are forward-looking
statements. These forward-looking statements are made as of the
date they were first issued and are based on current expectations,
estimates, forecasts and projections as well as the beliefs and
assumptions of management. Forward-looking statements are subject
to a number of risks and uncertainties, many of which involve
factors or circumstances that are beyond SunCar's control. SunCar's
actual results could differ materially from those stated or implied
in forward-looking statements due to a number of factors,
including, but not limited to, the risks related to the offering of
the shares and uncertainties related to market conditions. These
and other potential risks and uncertainties that could cause actual
results to differ from the results predicted are more fully
detailed in SunCar's filings and reports with the SEC, including
the 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. SunCar anticipates that subsequent events and
developments will cause its views to change and you should consider
these factors in evaluating the forward-looking statements and not
place undue reliance on such statements. SunCar undertakes no
intention or obligation to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise. These forward-looking statements should not be relied
upon as representing SunCar's views as of any date subsequent to
the date of this press release.
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
View original
content:https://www.prnewswire.com/news-releases/suncar-technology-group-announces--follow-on-public-offering-302368058.html
SOURCE SunCar Technology Group Inc.
