SunCar Technology Group Announces Follow-On Public Offering

Company Overview - SunCar Technology Group Inc. is a leader in cloud-based B2B auto services and auto e-insurance in China, the largest passenger vehicle market globally [6] - Founded in 2007, SunCar connects drivers with a variety of auto services and insurance options through a nationwide network of sales partners [6] - The company has established itself as a leader in the B2B auto services market and the auto e-insurance market for electric vehicles in China [6] Offering Details - SunCar announced a follow-on public offering of up to $50 million of Class A Ordinary Shares, with an additional option for underwriters to purchase up to $7.5 million more [1][2] - The net proceeds from this offering will be utilized for working capital and general corporate purposes [1] - The offering is subject to market conditions, and there is no assurance regarding its completion or the actual size and terms [2] Regulatory Information - The securities are being offered under an effective shelf registration statement filed with the SEC on June 3, 2024, and declared effective on June 14, 2024 [3] - A preliminary prospectus supplement and accompanying prospectus will be filed with the SEC to describe the terms of the proposed offering [3]