BUZZ-SunCar Technology tumbles on stock offering plans

Reuters

Feb 05, 2025

** Shares of SunCar Technology Group SDA.O down 19.5% at $8.29 in extended trading as China-based auto services and insurance provider looks to raise equity

** Co announces up to $50 mln stock offering for working capital, general corp purposes

** BTIG lead bookrunner, joined by Macquarie and Oppenheimer

** Co has ~98.5 mln total shares outstanding (Class A and B) as of Feb 4 for about $1 bln market cap, per the SEC prospectus filing

** Its public float is ~33.2 mln shares, per LSEG

** SDA closed up 1.4% at $10.30 on Tues. Shares up ~7% YTD and were trading around $7.50 a year ago

(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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