By Dean Seal
Shares of SunCar Technology Group fell by more than a third after the company's public offering was priced to raise $50 million in gross proceeds.
The stock dropped as much as 38% to a 52-week low of $5.25 in the first half of the trading day, and was recently changing hands at $5.38. Shares were trading at around $7.10 this time a year ago and have fallen about 43% since the start of 2025.
The China-based auto-service and insurance provider said Wednesday night that it would offer more than 7.1 million shares for total gross proceeds of about $50 million. That reflects a price of about $7 per share. The stock had closed Tuesday at $8.44.
The offering is expected to close on Friday. Proceeds will be used for working capital and general corporate purposes.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
February 06, 2025 12:16 ET (17:16 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
免责声明:投资有风险,本文并非投资建议,以上内容不应被视为任何金融产品的购买或出售要约、建议或邀请,作者或其他用户的任何相关讨论、评论或帖子也不应被视为此类内容。本文仅供一般参考,不考虑您的个人投资目标、财务状况或需求。TTM对信息的准确性和完整性不承担任何责任或保证,投资者应自行研究并在投资前寻求专业建议。