CHENGDU, China, Aug.6, 2020
/PRNewswire/ -- Senmiao Technology Limited ("Senmiao")
(NASDAQ: AIHS), a provider of automobile transaction and related
services targeting the online ride-hailing industry in China, today announced the closing of its
previously announced underwritten public offering of 12,000,000
shares of common stock at a price of $0.50 per share. The total gross proceeds
from the offering are US$6.0 million,
prior to deducting underwriting discounts and offering
expenses.
Mr. Xi Wen, Senmiao's Chairman
and Chief Executive Officer stated, "This financing not only
strengthens our balance sheet, but also brings new investors to our
company and will help us in regaining compliance with the Nasdaq
minimum equity requirement. We are grateful for this
opportunity and plan to utilize the proceeds to further augment our
business and help drive value for all shareholders."
Senmiao has granted the underwriters a 45-day over-allotment
option to purchase an additional 1,800,000 shares of common stock
at the same price, less underwriting discounts and commissions.
The Benchmark Company, LLC and Axiom Capital Management,
Inc. acted as joint book-running managers for the offering.
Ellenoff Grossman & Schole LLP acted as the Company's legal
counsel and Sheppard, Mullin, Richter & Hampton, LLP acted as
legal counsel for the joint bookrunning managers.
The securities described above were offered by Senmiao pursuant
to a "shelf" registration statement on Form S-3 (File No.
333-230397) previously filed with the Securities and Exchange
Commission (the "SEC") on March 19, 2020, and declared
effective by the SEC on April 15, 2020. A final
prospectus supplement and the accompanying prospectus relating to
and describing the offering was filed with the SEC. Electronic
copies of the final prospectus supplement and the accompanying
prospectus may be obtained by visiting the SEC's website
at www.sec.gov or by contacting The Benchmark Company,
LLC, Attn: Prospectus Department, 150 E. 58th Street, 17th
floor, New York, NY 10155, by calling (212) 312-6700 or
by e-mail at prospectus@benchmarkcompany.com.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of
these securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to the registration or
qualification under the securities laws of any such state or
jurisdiction.
About Senmiao Technology Limited
Headquartered in Chengdu,
Sichuan Province, Senmiao provides
automobile transaction and related services including sales of
automobiles, facilitation and services for automobile purchase and
financing, management, operating lease, guarantee and other
automobile transaction services aimed principally at the growing
ride-sharing market in Senmiao's areas of operation in China. For more information about Senmiao,
please visit: http://www.senmiaotech.com.
Cautionary Note Regarding Forward-Looking
Statements
This press release contains forward-looking statements as
defined by the Private Securities Litigation Reform Act of 1995,
including the statements regarding the use of proceeds of the
public offering and Senmiao's ability to regain compliance with
Nasdaq listing standards. These forward-looking statements also are
subject to risks, uncertainties and assumptions, including those
detailed from time to time in the Senmiao's filings with the SEC,
and represent Senmiao's views only as of the date they are made and
should not be relied upon as representing Senmiao's views as of any
subsequent date. 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:
Yiye Zhou
Email: edom333@ihongsen.com
Phone: +86 28 6155 4399
Investor Relations:
Rene Vanguestaine
Christensen
Email: rvanguestaine@ChristensenIR.com
Phone: +86 178 1749 0483
Linda Bergkamp
Christensen
Email: lbergkamp@ChristensenIR.com
Phone: +1 480 614 3004
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SOURCE Senmiao Technology Limited