12:25 PM EST, 02/06/2025 (MT Newswires) -- SunCar Technology Group ( SDA ) shares fell over 35% in recent trading Thursday, a day after pricing a public offering of roughly 7.1 million class A ordinary shares for gross proceeds of about $50 million.

The company has given the underwriters a 30-day overallotment option to buy up to roughly 1.1 million more shares.

SunCar ( SDA ) plans to use the net proceeds from the offering, which is expected to close by Feb. 7, for working capital and general corporate purposes.

Price: 5.44, Change: -3.00, Percent Change: -35.55