SunCar Technology (SDA) to offer shares

SunCar Technology Group Inc. ("SunCar") (Nasdaq: SDA), an innovative leader in cloud-based B2B auto services and auto e-insurance in China, today announced a firm commitment underwritten follow-on public offering of an aggregate of up to $50 million of Class A Ordinary Shares, par value $0.0001 per share (the "Class A Ordinary Shares"). In connection with the offering, SunCar intends to grant the underwriters a 30-day option to purchase an aggregate of up to $7.5 million additional Class A Ordinary Shares at the public offering price less the underwriting discount. The net proceeds from this offering will be used for working capital and general corporate purposes.

BTIG, LLC is acting as lead book-running manager for the offering, and Macquarie Capital Limited and Oppenheimer & Co. Inc. are acting as joint bookrunners. The closing of the proposed offering is subject to market and other conditions and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the proposed offering.

The securities described are being offered by SunCar pursuant to an effective shelf registration statement on Form F-3 (No. 333-279916) that was previously filed with the Securities and Exchange Commission (the "SEC") on June 3, 2024 and declared effective by the SEC on June 14, 2024. A preliminary prospectus supplement and accompanying prospectus relating to and describing the terms of the proposed offering will be filed with the SEC.

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