** Shares of China-based auto services and insurance provider SunCar Technology Group SDA.O dive 22% premarket to $6.55, about 11-month low, after follow-on priced
** Co late Weds announced ~7.1 mln shares for $50 mln gross proceeds for working capital, general purposes
** O ffering price equates to $7, a 17.1% discount to last sale
** On Weds, SDA shares tumbled 18% to $8.44, a day after co unveiled offering
** As of Feb 4, co had ~98.5 mln total shares outstanding (Class A and B), per the SEC prospectus filing
** Co has public float of ~31 mln shares, per LSEG
** Through Weds, shares down 12.5% YTD following 17% gain in 2024
** BTIG is lead bookrunner for offering, joined by Macquarie Capital and Oppenheimer
** From a research perspective, just BTIG covers SDA with "strong buy" rating and $12 PT, LSEG data shows
(Lance Tupper is a Reuters market analyst. The views expressed are his own)
((lance.tupper@tr.com 1-646-279-6380))
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