NEW
YORK, Feb. 7, 2025 /PRNewswire/ -- SunCar
Technology Group Inc. ("SunCar" or the "Company") (Nasdaq: SDA), an
innovative leader in cloud-based B2B auto services and auto
e-insurance in China, today
announced that its board of directors has authorized a share
repurchase program to buy back up to $30
million of its outstanding Class A ordinary shares. This
program reflects the Company's confidence in its long-term growth
prospects.
The share repurchase program is expected for the
next 12 months. The Company intends to fund the repurchases through
a combination of cash on hand and cash
generated from operations.
Mr. Zaichang Ye, Chairman and Chief Executive Officer of SunCar
commented, "this stock repurchase program demonstrates the
management's confidence in the outlook for our business. The board
of directors and management team believe that the Company's
continued effort to keep our position as a leading cloud-based
provider of digitalized enterprise auto services and auto
eInsurance service in China in the
market will deliver the best value to our shareholders."
The Company may repurchase shares of its Class A
ordinary shares from time to time on the
open market or in privately negotiated transactions, or otherwise
in accordance with applicable federal securities laws, including
Rule 10b5-1 and Rule 10b-18 of the
Securities Exchange Act of 1934. The timing and actual
number of shares repurchased will depend on a variety of factors
including regulatory restrictions on price, manner, timing, and
volume, corporate and other regulatory requirements and other
market conditions in an effort to minimize the impact of the
purchases on the market for the stock.
About SunCar Technology Group Inc.
Founded in 2007, SunCar is transforming the customer journey for
auto services and auto insurance in China, the largest passenger vehicle market in
the world. SunCar develops and operates cloud-based platforms that
seamlessly connect drivers with a wide range of auto services and
insurance coverage options through a nationwide network of sales
partners. As a result, SunCar has established itself as the leader
in China in the B2B auto services
market and the auto eInsurance market for electric vehicles.
SunCar's intelligent cloud platform empowers its enterprise clients
to access and manage their customer database and offerings
optimally, and drivers gain access to hundreds of services from
tens of thousands of independent providers in a single application.
For more information, please visit:
https://suncartech.com.
Cautionary Language Concerning Forward-Looking
Statements
This press release contains "forward-looking statements" within
the meaning of the U.S. Private Securities Litigation Reform Act of
1995. Forward-looking statements include, but are not limited to,
statements regarding SunCar's expectations regarding the
consummation of the offering, the anticipated use of the net
proceeds of the offering and the satisfaction of customary closing
conditions with respect to the offering. In addition, any
statements that refer to projections, forecasts, or other
characterizations of future events or circumstances, including any
underlying assumptions, are forward-looking statements. The words
"anticipate," "believe," "continue," "could," "estimate," "expect,"
"intend," "may," "might," "plan," "possible," "potential,"
"predict," "project," "should," "would" and similar expressions may
identify forward-looking statements, but the absence of these words
does not mean that statement is not forward looking.
Forward-looking statements are based on current expectations and
assumptions that, while considered reasonable by SunCar and its
management, as the case may be, are inherently uncertain. New risks
and uncertainties may emerge from time to time, and it is not
possible to predict all risks and uncertainties. Actual results
could differ materially from those anticipated in such
forward-looking statements as a result of various risks and
uncertainties, which include, without limitation, the risk that the
offering will not be consummated; the impact of general economic,
health, industrial or political conditions in the United States or internationally; and
other risks and uncertainties identified in SunCar's Annual Report
on Form 20-F for the fiscal year ended December 31, 2023, as well as other filings and
reports that are filed by SunCar from time to time with the
SEC.
Nothing in this press release should be regarded as a
representation by any person that the forward-looking statements
set forth herein will be achieved or that any of the contemplated
results of such forward-looking statements will be achieved. You
should not place undue reliance on forward-looking statements in
this press release, which speak only as of the date they are made
and are qualified in their entirety by reference to the cautionary
statements herein. SunCar does not undertake or accept any duty to
release publicly any updates or revisions to any forward-looking
statements to reflect any change in its expectations or in the
events, conditions or circumstances on which any such statement is
based.
Contact Information:
SunCar:
Investor Relations: Ms. Hui
Jiang
Email: IR@suncartech.com
Legal: Ms. Li Chen
Email: chenli@suncartech.com
U.S. Investor Relations:
Matthew Abenante, IRC
President
Strategic Investor Relations, LLC
Tel: 347-947-2093
Email: matthew@strategic-ir.com
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SOURCE SunCar Technology Group Inc.
