SunCar Technology Group Inc. - SDA STOCK NEWS

SunCar Technology Group (Nasdaq: SDA), a leading cloud-based B2B auto services and auto e-insurance provider in China, has announced a $30 million share repurchase program for its outstanding Class A ordinary shares. The program, scheduled to run for the next 12 months, will be funded through cash on hand and operational cash flow.

The company plans to execute the buyback through open market purchases, private transactions, or other means compliant with federal securities laws, including Rules 10b5-1 and 10b-18. The actual timing and volume of repurchases will be determined by various factors, including regulatory requirements and market conditions.

Chairman and CEO Zaichang Ye stated that this initiative demonstrates management's confidence in the company's business outlook and its position as a leading digitalized enterprise auto services provider in China.

SunCar Technology Group (Nasdaq: SDA), a Chinese cloud-based B2B auto services and auto e-insurance provider, has announced the pricing of a follow-on public offering of 7,142,858 Class A ordinary shares expected to raise approximately $50 million in gross proceeds. The underwriters have been granted a 30-day option to purchase up to an additional 1,071,429 shares.

The offering is expected to close around February 7, 2025. BTIG, is serving as the lead book-running manager, with Macquarie Capital and Oppenheimer & Co. Inc. as joint bookrunners. The company plans to use the net proceeds for working capital and general corporate purposes.

SunCar Technology Group Inc. (Nasdaq: SDA), a Chinese cloud-based B2B auto services and auto e-insurance provider, has announced a firm commitment underwritten follow-on public offering of up to $50 million of Class A Ordinary Shares. The company will grant underwriters a 30-day option to purchase up to an additional $7.5 million of shares.

The offering is being led by BTIG, as the lead book-running manager, with Macquarie Capital and Oppenheimer & Co. Inc. serving as joint bookrunners. The proceeds will be used for working capital and general corporate purposes. The offering is subject to market conditions and will be conducted under an effective shelf registration statement previously filed with the SEC on June 3, 2024.

SunCar Technology Group (Nasdaq: SDA) has appointed Breaux Walker as Chief Strategy Officer, effective January 13, 2025. Walker, who joined SunCar in March 2024 as Consulting General Manager for North America, brings over 25 years of experience in business development, corporate finance, and cross-border transactions.

Prior to SunCar, Walker was a Partner at HRJ International and held Managing Director positions at Weild & Co. and JMP Securities. He previously founded a technology services company in China that reached $25 million in revenue, and held senior leadership roles at Kochava and Union Mobile Pay Walker is fluent in Mandarin Chinese and Spanish, and holds a degree from Wesleyan University.

SunCar Technology Group (NASDAQ: SDA) has joined the China Auto Dealers Chamber of Commerce (CADCC) as one of its 40 vice-chairman members. This strategic move positions SunCar to expand its presence in both the New Energy Vehicle (NEV) and traditional fuel vehicle markets in China, where over 3 billion fuel vehicles are currently in circulation.

CADCC, established in 2006, is a national-level organization under the All-China Federation of Industry and Commerce, representing over 2,000 members and nearly 8,000 4S dealerships. The organization serves as a bridge between dealers, manufacturers, and consumers, offering services including policy advocacy, training, and international exchanges.

As stated by Chairman and CEO Ye Zaichang, this partnership represents a strategic development step, aiming to bridge fuel vehicle and NEV markets while fostering industry collaboration. The membership provides SunCar with opportunities for industry exchanges, policy discussions, and market initiatives development.

SunCar Technology Group (NASDAQ: SDA) has secured an exclusive $6.8 million contract with Walmart China for their 2025 Sam's Club Premium Membership Car Wash Project. The agreement covers premium car wash services across 17 Chinese cities, including major locations like Shanghai, Shenzhen, and Guangzhou.

The contract, valued at approximately 49 million RMB, builds upon over a year of existing partnership between SunCar and Walmart. The selection of SunCar as the exclusive provider highlights the company's technological capabilities and service quality in the automotive after-service sector. Chairman and CEO Ye Zaichang expressed plans to expand the collaboration beyond traditional automotive services to meet evolving customer needs.

SunCar Technology Group (Nasdaq: SDA) has won a bid to provide premium concierge transportation services for Shanghai Rural Commercial Bank's (SRCB) clientele, extending their decade-long partnership that began in 2014. The services include designated driver assistance, high-speed rail station transfers, and international airport transportation for credit card customers.

Following SRCB's strategic retail transformation in October 2023, which restructured operations into key departments including Retail Finance and Wealth Management, SunCar secured the bid to manage SRCB's retail points-based travel benefits. The agreement encompasses concierge car services, designated driver assistance, and VIP lounge access, reinforcing SunCar's position in delivering customer-focused solutions in the financial services sector.

SunCar Technology Group (NASDAQ: SDA) has partnered with Wuhan JIDU, a joint venture between Baidu and Geely, to provide its cloud-based intelligent insurance platform across China. The platform will offer instant online quoting, underwriting, electronic policy issuance, and claims management powered by big data and AI. This nationwide rollout will connect Wuhan JIDU with leading insurance providers, delivering tailored insurance services to customers of intelligent electric vehicles. The partnership aims to create a comprehensive digital-first insurance ecosystem that caters to tech-savvy consumers.

SunCar Technology Group (NASDAQ: SDA) has secured new and renewed partnerships with Ping An Property & Casualty Insurance branches across multiple Chinese provinces, with contracts totaling 30 million RMB (USD 4.2 million). The partnerships include first-time collaborations with Shanghai and Guangdong branches, renewals with Hebei and Shanxi, and re-engagement with Foshan. SunCar will expand its service offerings to include premium auto services like clay bar waxing, polishing, and air conditioning sterilization. The company now collaborates with all of Ping An P&C's top 10 provincial branches by premium scale.