Senmiao Technology Announces $2.8 Million Registered Direct Offering

Core Points - Senmiao Technology Limited has entered into a securities purchase agreement with accredited investors for the issuance of 1,350,000 shares of common stock and pre-funded warrants to purchase 905,000 shares at a price of $1.26 per share, resulting in gross proceeds of approximately $2.8 million [1] - The company will also issue warrants to purchase up to 4,510,000 shares of common stock, which will require stockholder approval and have a term of 5.5 years with an exercise price of $1.26 per share [1][4] - The closing of the sale of shares is expected around November 17, 2025, subject to customary closing conditions [1] Company Use of Proceeds - The net proceeds from the offering will be used for general corporate purposes and working capital [2] Regulatory Information - The shares are being offered under a "shelf" registration statement on Form S-3, effective since September 29, 2023, and a prospectus supplement will be filed with the SEC [3] - The warrants and warrant shares will be offered under an exemption from registration requirements of the Securities Act, and a registration statement on Form S-1 will be filed for the resale of warrant shares within 30 days after the special meeting [4] Company Overview - Senmiao Technology Limited, headquartered in Chengdu, Sichuan Province, provides automobile transaction and related services, including sales of automobiles, financing facilitation, management, operating leases, and guarantees in China [6]