SunCar Technology Group (SDA) shares fell over 35% in recent trading Thursday, a day after pricing a public offering of roughly 7.1 million class A ordinary shares for gross proceeds of about $50 million.
The company has given the underwriters a 30-day overallotment option to buy up to roughly 1.1 million more shares.
SunCar plans to use the net proceeds from the offering, which is expected to close by Feb. 7, for working capital and general corporate purposes.
Price: 5.44, Change: -3.00, Percent Change: -35.55
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