SunCar Technology Group Inc. announced on February 5, 2025, the pricing of its follow-on public offering of 7,142,858 Class A ordinary shares. The offering is expected to generate total gross proceeds of approximately $50 million before underwriting discounts and commissions and offering expenses.
The company has granted the underwriters a 30-day option to purchase up to an additional 1,071,429 Class A ordinary shares. The offering is anticipated to close on or about February 7, 2025, subject to customary closing conditions.
SunCar intends to use the net proceeds from this offering for working capital and general corporate purposes. This capital raise will support the company's ongoing operations and strategic initiatives.
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