Senmiao Technology Announces Proposed Public Offering of Common Stock

Rhea-AI Summary

Senmiao Technology Limited (NASDAQ: AIHS) has initiated an underwritten public offering of its common stock, pending market conditions. The offering follows an effective shelf registration statement filed with the SEC. The Benchmark Company LLC and Axiom Capital Management are the joint book-running managers for this offering. Details regarding the size and terms will be outlined in a preliminary prospectus supplement to be submitted to the SEC.

This announcement does not constitute an offer or solicitation to sell securities in jurisdictions where such actions would be deemed unlawful.

Positive

• The offering aims to raise capital for business operations and expansion.

Negative

• The public offering could lead to shareholder dilution.
• Market uncertainty may delay or impact the completion of the offering.

CHENGDU, China, August 3, 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 it has commenced an underwritten public offering of shares of its common stock. The offering is subject to market conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.

The Benchmark Company LLC and Axiom Capital Management, Inc. are acting as joint book-running managers for the offering.

The public offering is being made pursuant to an effective shelf registration statement on Form S-3 that was filed with the U.S. Securities and Exchange Commission (SEC) on March 19, 2019 and declared effective on April 15, 2019. A preliminary prospectus supplement describing the terms of the public offering will be filed with the SEC and will form a part of the effective registration statement. Copies of the preliminary prospectus supplement and accompanying prospectus relating to the public offering may be obtained, when available, by contacting The Benchmark Company, Attn: Prospectus Department, 150 E. 58th Street, 17th floor, New York, NY 10155 or by calling 212-312-6700 or by emailing prospectus@benchmarkcompany.com.

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 the registration or qualification under the securities laws of any such state or jurisdiction.

About Senmiao

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.  Forward-looking statements include, without limitation, statements concerning the proposed public offering described herein  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 public offering described herein.  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:
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

View original content:http://www.prnewswire.com/news-releases/senmiao-technology-announces-proposed-public-offering-of-common-stock-301104999.html

SOURCE Senmiao Technology Limited

FAQ

What is the purpose of Senmiao's proposed public offering?

The public offering aims to raise capital for business operations and expansion.

Who is managing Senmiao's public offering?

The Benchmark Company LLC and Axiom Capital Management are acting as joint book-running managers.

When was Senmiao's shelf registration statement filed?

The shelf registration statement was filed on March 19, 2019, and became effective on April 15, 2019.

What risks are associated with Senmiao's public offering?

There is a risk of shareholder dilution and market uncertainty that may affect the offering's completion.