Auto Companies Group Restricted, a Main Supplier of Digitalized Auto Companies and Auto Insurance coverage Intermediation in China, Secures a US$125 Million Share Subscription Facility from International Rising Markets (“GEM”)

The corporate expects to record on Nasdaq upon a de-SPAC merger with Goldenbridge Acquisition Restricted.

New York, New York, Dec. 08, 2022 (GLOBE NEWSWIRE) — Auto Companies Group Restricted (“SunCar”) right this moment introduced a USD 125 million share subscription facility from GEM International Yield LLC SCS (“GGY”), a Luxembourg based mostly non-public various funding group, within the type of a share subscription facility. Below the settlement, GGY will present SunCar with a share subscription facility of as much as $125 Million for a 36-month interval following a public itemizing of SunCar’s peculiar shares (“Funding Interval”).

Based on the settlement’s phrases, SunCar won’t be obligated to attract the complete $125 million however can achieve this partly or in entire at its discretion. SunCar may also arrange a threshold value because the lowest value at which SunCar might promote its shares per drawdown. SunCar will management each the timing and quantity of all drawdowns and can challenge inventory to GGY on every drawn down from the ability. GGY shall pay 90% of the typical every day closing value throughout the pricing interval, which is a 30-day interval after SunCar delivers a draw-down discover to GGY. In the course of the lifetime of the funding facility, GGY won’t, immediately or not directly, impact any brief sale of SunCar’s peculiar shares.

Ye Zaichang, founding father of SunCar, commented: “China’s automotive business, particularly the brand new vitality automobile (“NEV”) business, is rising quickly. I’m assured that SunCar’s automotive after-sales service and auto insurance coverage intermediation enterprise will proceed to develop steadily in 2022, with our intensive B2B community of service suppliers and superior digital and technical capabilities. Specifically, we count on to additional solidify our place within the fast-growing NEV business. We’ll proceed to enhance our enterprise and technological capabilities to carry the very best quality and most handy companies to our enterprise shoppers in addition to the tip customers. The share subscription facility with GEM demonstrates investor’s continued optimism about SunCar’s prospects, in addition to GEM’s strategic understanding and imaginative and prescient of rising markets and industries. We stay up for sustaining our cordial and mutually useful relationships with buyers within the U.S. and worldwide.”

About SunCar

SunCar, along with its associates, present enterprise shoppers with digitalized, complete, on-demand and plug-in aftermarket auto companies and auto insurance coverage options to higher serve their finish clients. Based in 2012, SunCar is now a frontrunner in China’s auto service market. SunCar’s options and digital methods linked over 1,200 shoppers and 59,000 gross sales companions. The Firm engages with over 42,000 suppliers and 85 insurance coverage corporations, covers over 2,500 districts and counties, and serves finish clients in most cities in China. All of the companies are distributed always by way of over 700 sub-systems on the SunCar Cloud, serving to its shoppers higher react to their clients’ calls for. For extra data, please go to the web site:

http://www.auto1768.com

About GEM

International Rising Markets (“GEM”) is a $3.4 billion, Luxembourg based mostly non-public various funding group with workplaces in Paris, New York and The Bahamas. GEM manages a various set of funding autos centered on rising markets and has accomplished over 560 transactions in over 70 nations. Every funding automobile has a special diploma of operational management, risk-adjusted return, and liquidity profile. The household of funds and funding autos present GEM and its companions with publicity to: Small-Mid Cap Administration Buyouts, Non-public Investments in Public Equities and choose enterprise investments. For extra data: 

http://www.gemny.com

Contacts:

SUNCAR
Title: Ms. Hui JiangElectronic mail: IR@4008801768.com

Supply: SunCar Know-how Group Inc.