CHENGDU, China, June 21, 2019 / PRNewswire/ -- Senmiao Technology
Limited (Senmiao) (NASDAQ: AIHS), an operator of an online lending
marketplace connecting Chinese investors with individual and
small-to-medium-sized enterprise borrowers, and a provider of
automobile transactions and related services in China, announced today the closing of its
previously announced registered direct offering to certain
accredited investors of: (i) 1,781,361 shares of common stock at a
price of $3.38 per share, (ii) for no
additional consideration, 4-year Series A warrants to purchase up
to an aggregate of 1,336,021 shares of common stock at an exercise
price of $3.72 per share , and
(iii) for nominal additional consideration, Series B warrants to
purchase up to a maximum aggregate of 1,116,320 shares of common
stock, for total gross proceeds of approximately $6.0 million.
After deducting the placement agent's commission and other
offering expenses payable by the Company, the net proceeds to the
Company were approximately $5.3
million. The Company intends to use the net proceeds of the
offering for general corporate purposes, including automobile
purchases, the costs of providing leasing and other automobile
transaction services, including financial leasing, costs of
developing other types of financing businesses, investments in
other entities, costs of technology development, costs of new
hires, capital expenditures, working capital and the costs of
operating as a public company. Additionally, the Company will
reserve at least $500,000 of the
proceeds to be used solely to satisfy any reasonable legal, audit,
accounting and other professional fees and expenses of the
Company.
FT Global Capital, Inc. acted as the exclusive placement agent
for this offering.
These securities are being offered through a prospectus
supplement pursuant to the Company's effective shelf registration
statement and base prospectus contained therein. A shelf
registration statement on Form S-3 (Registration No. 333-230397)
relating to these securities has been filed with the Securities and
Exchange Commission (the "SEC") on March 19,
2019, and declared effective on April
15, 2019, and is available on the SEC's website at
http://www.sec.gov.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy these securities, nor shall there
be any sale of these securities, in any state or other jurisdiction
in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of any
such state or other jurisdiction.
About Senmiao
Headquartered in Chengdu,
Sichuan Province, Senmiao operates
an online lending platform, which connects Chinese investors with
individual and small-to-medium-sized enterprise borrowers. Senmiao
also owns a majority interest in a Chinese automobile financial
leasing services and automobile sales company offering sales,
facilitation, purchase services, management, guarantee and other
automobile transaction services. For more information about
Senmiao, please visit: http://www.senmiaotech.com/index.
Cautionary Note Regarding Forward-Looking Statements
This press release of Senmiao Technology Limited (Senmiao)
contains forward-looking statements as defined by the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements include statements concerning the Chinese online P2P
industry, the development of Senmiao's automobile transaction and
financing services and the Chinese vehicle financial leasing
market, and Senmiao's plans, objectives, goals, strategies, and
performance, as well as the assumptions such statements and other
statements that are not statements of historical facts. When
Senmiao uses words such as "may," "will," "intend," "should,"
"believe," "expect," "anticipate," "project," "estimate" or similar
expressions that do not relate solely to historical matters, it is
making forward-looking statements. Forward-looking statements are
not guarantees of future performance and involve risks and
uncertainties that may cause actual results to differ materially
from Senmiao's expectations, including, but not limited to, risks
and uncertainties relating to the following: the risk that
the anticipated growth of the Company's automobile transaction and
financing services may not be realized; Senmiao's future business
development; product and service demand and acceptance; changes in
technology; economic conditions; reputation and brand; the impact
of competition and pricing; the impact of government regulations;
fluctuations in general economic and business conditions in
China and other risks expressed in
reports filed by Senmiao with the U.S. Securities and Exchange
Commission. For these reasons, among others, investors are
cautioned not to place undue reliance on any forward-looking
statements. Senmiao's filings with the U.S. Securities and Exchange
Commission are available for review at www.sec.gov. Senmiao
undertakes no obligation to publicly revise any forward-looking
statements to reflect changes in events or circumstances.
For more information, please contact:
At the Company:
Julie Zhu
Email: julie@ihongsen.com
Phone: +86-181-9085-0098
Investor Relations:
Tony
Tian, CFA
Weitian Group LLC
Email: ttian@weitianco.com
Phone: +1-732-910-9692
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SOURCE Senmiao Technology Limited