SunCar Tech Boosts Growth with $50M Capital Raise from Strategic Share Offering

NEW YORK, Feb. 5, 2025 /PRNewswire/ — SunCar Technology Group Inc. (“SunCar”) (Nasdaq: SDA), a pioneer in cloud-based auto services and e-insurance in China, has set the price for its public offering of 7,142,858 Class A ordinary shares. This move is expected to raise about $50 million before fees and expenses associated with the offering. The company has given underwriters a 30-day window to buy up to an additional 1,071,429 shares. The offering should wrap up around February 7, 2025, pending standard closing conditions. All shares on offer are supplied by SunCar.

SunCar plans to use the funds for working capital and general business needs.

BTIG, LLC is leading the offering, supported by Macquarie Capital Limited and Oppenheimer & Co. Inc.

The shares are available through a prospectus tied to an effective shelf registration statement already acknowledged by the Securities and Exchange Commission (SEC). A preliminary prospectus and related documents have been submitted to the SEC and can be found on their website at www.sec.gov. Final documents will also be accessible on the SEC’s site. Copies may be requested directly from BTIG, LLC.

This announcement does not serve as an offer to sell or buy any shares of SunCar, nor will shares be offered in any area where it would be unlawful before registration under local securities laws.

About SunCar Technology Group Inc.

SunCar, established in 2007, is reshaping how people access auto services and insurance in China, the biggest market for passenger cars. They create cloud-based ways for drivers to connect with numerous services and insurance options through a wide network of partners. SunCar is recognized for its leadership in the B2B auto services and e-insurance market for electric vehicles in China. Their platform allows clients to manage customer databases efficiently, giving drivers easy access to a vast array of services from independent providers all in one app. For more details, visit: https://suncartech.com.

Cautionary Note on Forward-Looking Statements

This release features “forward-looking statements,” which include expectations for the offering’s completion and planned use of proceeds. Phrases like “anticipate,” “believe,” and “expect” often indicate these statements. However, these predictions involve uncertainties. Actual results may differ due to various risks, including the potential non-completion of the offering or unexpected economic conditions. Details of risks are included in SunCar’s Annual Report on Form 20-F for the year ending December 31, 2023, as well as other SEC filings. You should not overly rely on these statements as they reflect conditions only as of their date.

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.