Senmiao Technology Limited Announces Pricing of US$12.0 Million Firm Commitment Initial Public Offering

Shares are Expected to Commence Trading Today on the NASDAQ Capital Market as "AIHS"

CHENGDU, China, March 16, 2018 /PRNewswire/ -- Senmiao Technology Limited ("Senmiao" or the "Company") (NASDAQ: AIHS), an online lending platform in China connecting investors with individual and small-to-medium-sized enterprise ("SME") borrowers and creditors, today announced the pricing of its firm commitment initial public offering of 3,000,000 shares of its common stock at a public offering price of $4.00 per share, for total gross proceeds of approximately US$12.0 million. The shares are scheduled to begin trading on the NASDAQ Capital Market today under the ticker symbol "AIHS".

The Company expects to receive aggregate gross proceeds of approximately US$12.0 million from this offering, before deducting underwriting discounts, commissions and other related expenses. In addition, Senmiao has granted the underwriters a 45-day option to purchase up to an additional 450,000 common shares at the public offering price, less underwriting discount and commissions.

The offering is expected to close on or about March 20, 2018, subject to customary closing conditions.

Proceeds from this offering will be used for business development, technology development and new hires, as well as for general working capital purposes.

ViewTrade Securities, Inc., a global provider of brokerage, investment banking, corporate/advisory and trading platform services, acted as sole book-running manager for the offering.

A registration statement relating to the securities being sold in this offering was declared effective by the Securities and Exchange Commission (SEC) on March 15, 2018. The offering of these securities will be made only by means of a prospectus, forming a part of the registration statement. A copy of the final prospectus related to the offering may be obtained, when available, from ViewTrade Securities, via email: [email protected] or standard mail at ViewTrade Securities, 7280 W Palmetto Park Rd, #310, Boca Raton, FL 33433, Attn: Prospectus Department. In addition, a copy of the final prospectus relating to the offering may be obtained via the SEC's website at www.sec.gov.

This press release shall 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 registration or qualification under the securities laws of any such state or jurisdiction.

About Senmiao Technology Limited

Headquartered in Chengdu, Sichuan Province, Senmiao Technology Limited operates an online lending platform, www.ihongsen.com, that connects Chinese investors with individual and small-to-medium-sized enterprise borrowers and creditors. For more information about the Company, please visit: www.ihongsen.com.

Safe Harbor Statement

This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company 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.  Specifically, the Company's statements regarding trading on the NASDAQ Capital Market and closing the IPO are forward-looking statements.  Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company's expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the following:  the Company's goals and strategies; the Company's future business development; product and service demand and acceptance; changes in technology; economic conditions; reputation and brand; the impact of competition and pricing; government regulations; fluctuations in general economic and business conditions in China and assumptions underlying or related to any of the foregoing and other risks contained in reports filed by the Company with the Securities and Exchange Commission. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company's filings with the U.S. Securities and Exchange Commission, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward - looking statements to reflect events or circumstances that arise after the date hereof.

For more information, please contact:

At the Company:

Julie Zhu
Email: [email protected] 
Phone: +86-133-2099-1540

Investor Relations:

Tony Tian, CFA         
Weitian Group LLC
Email: [email protected]
Phone: +1-732-910-9692

SOURCE Senmiao Technology Limited

Related Links

http://www.ihongsen.com