SunCar Technology Group Announces Pricing of $50 Million Follow-On Public Offering of Class A Ordinary Shares

Core Viewpoint - SunCar Technology Group Inc. has announced a public offering of 7,142,858 Class A ordinary shares, aiming for gross proceeds of approximately $50 million before underwriting discounts and commissions [1] Group 1: Offering Details - The offering includes a 30-day option for underwriters to purchase an additional 1,071,429 Class A ordinary shares [1] - The expected closing date for the offering is around February 7, 2025, pending customary closing conditions [1] Group 2: Use of Proceeds - SunCar plans to utilize the net proceeds from the offering for working capital and general corporate purposes [2] Group 3: Company Overview - Founded in 2007, SunCar is a leader in cloud-based B2B auto services and auto e-insurance in China, the largest passenger vehicle market globally [5] - The company operates platforms that connect drivers with various auto services and insurance options through a nationwide network of sales partners [5] - SunCar's intelligent cloud platform allows enterprise clients to manage customer databases and offerings effectively, providing drivers access to numerous services from independent providers [5]