SunCar Technology tumbles on stock offering plans

Oppenheimer Holdings

04/02/2025 21:45

**  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  up to $50 mln stock offering for working capital,
general corp purposes
  
    ** BTIG lead bookrunner, joined by 
  
    ** Co has ~98.5 mln total shares outstanding (Class A and B)
as of Feb 4 for about $1 bln market cap, 
    per the 
  
    ** 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))