Senmiao Technology Limited Announces Closing of US$6.0 Million Public Offering of Common Stock

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Aug 06, 2020, 16:30 ET

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 [email protected].

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: [email protected]
Phone: +86 28 6155 4399

Investor Relations:
Rene Vanguestaine
Christensen
Email: [email protected]
Phone: +86 178 1749 0483

Linda Bergkamp
Christensen
Email: [email protected]
Phone: +1 480 614 3004

SOURCE Senmiao Technology Limited