SunCar Technology Group Inc. Announces a $22 Million Private Placement

NEW YORK, May 25, 2023 (GLOBE NEWSWIRE) -- SunCar Technology Group Inc., a leading provider of digitalized enterprise automotive after-sales services and online auto insurance intermediation service in China ("SunCar," the "Company"), today announced that it has entered into a Share Subscription Agreement (the "Share Subscription Agreement") with a certain non-U.S. person, Anji Zerun Private Equity Investment Partnership (Limited Partnership) (the "Investor") pursuant to which the Company agreed to sell to the Investor, and the Investor agreed to purchase from the Company, in a private placement 2,173,657 Class A ordinary shares, par value $0.0001 per share, of the Company (the "Purchased Shares"), at the total consideration of US$21,736,569.25 (the "Placement"). The Purchased Shares are subject to a lock-up period of six (6) months. The Company and Investor closed the Placement on May 19, 2023.

As previously announced, on May 18, 2023, SunCar closed the business combination with Goldenbridge Acquisition Limited GBRG ("Goldenbridge"), a publicly traded special purpose acquisition company. On Thursday, May 18, 2023, SunCar's Class A ordinary shares and warrants began trading on the Nasdaq under the ticker symbols "SDA" and "SDAWW," respectively.

About SunCar Technology Group Inc.

Originally founded in 2007, SunCar is transforming the customer journey for car insurance and aftermarket services in China, the largest passenger vehicle market in the world. SunCar develops and operates online platforms that seamlessly connect drivers with a wide range of automotive services and insurance coverage options from a nationwide network of provider partners. As a result, SunCar has established itself as the leader in China for B2B automotive after-sales services and the online insurance market for electric vehicles. The company's multi-tenant, cloud-based platform empowers its enterprise clients to optimally access and manage their customer database and offerings, and drivers gain access to hundreds of services from thousands of independent providers in a single application.

Forward Looking Statements

This press release includes forward-looking statements that involve risks and uncertainties. Forward-looking statements are statements that are not historical facts. Such forward-looking statements, including the successful consummation of the business combination, are subject to risks and uncertainties, which could cause actual results to differ from the forward-looking statements. Goldenbridge and SunCar expressly disclaim any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Goldenbridge's or SunCar's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.

Contact

SunCar:
Lingshi Road, No. 656, Suite 209
Shanghai, China
Attn: Ms. Hui Jiang and Ms. Li Chen
Email: jianghui@4008801768.com
chenli@4008801768.com

Investor & Media Relations:
John McKenna
Gaffney Bennett PR for SunCar
Email: SunCar@GBPR.com