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)
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