Pryor Cashman represented SunCar Technology Group Inc. (NASDAQ CM: SDA) in a follow-on offering to certain institutional investors for aggregate gross proceeds of approximately $21 million to the company. The offering closed on October 30, 2023.
The firm previously represented SunCar in its business combination with Goldenbridge Acquisition Limited and public listing on Nasdaq and other capital-raising transactions.
SunCar Technology Group Inc. is transforming the customer journey for car insurance and aftermarket services in China, the largest passenger vehicle market in the world. SunCar develops and operates online platforms that seamlessly connect drivers with a wide range of automotive services and insurance coverage options through a nationwide network of provider partners. As a result, SunCar has established itself as the leader in China in the B2B automotive after-sales services market and the online insurance market for electric vehicles. The company's multi-tenant, cloud-based platform empowers its enterprise clients to optimally access and manage their customer database and offerings, and drivers gain access to hundreds of services from tens of thousands of independent providers in a single application.
SunCar was represented in the transaction by Pryor Cashman's nationally recognized Corporate Group, including Partner Elizabeth Chen, chair of the China practice, and Associates Yingkai Luo and Steven Xie, with assistance from Partner Michael Campoli.
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