Benzinga | Aug 4, 2020 08:06AM EDT

Senmiao Technology Limited Prices 12M Share Common Stock Offering At $0.50/Share

CHENGDU, China, Aug.4, 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 pricing of an underwritten public offering of 12,000,000 shares of its common stock at a public offering price of$0.50per share, before underwriting discounts and commissions. In addition,Senmiao has granted the underwriters a 45-day option to purchase up to an additional 1,800,000 shares of its common stock at the public offering price, less underwriting discounts and commissions. All shares of common stock are being offered bySenmiao. Gross proceeds from the offering will be approximatelyUS$6 million. The offering is expected to close on or aboutAugust 6, 2020, subject to the satisfaction of customary closing conditions.

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

A registration statement on Form S-3 (including a preliminary prospectus describing the terms of the offering) relating to these securities has been filed with theU.S. Securities and Exchange Commission("SEC") and has become effective. The offering will be made only by means of a prospectus supplement and accompanying prospectus. A copy of the final prospectus supplement and accompanying prospectus relating to the offering will be filed with theSECand may be obtained, when available, for free on the SEC's website located at https://www.sec.gov. When available, electronic copies of the final prospectus supplement and accompanying prospectus relating to the offering may be obtained by contactingThe Benchmark Company, Attn: Prospectus Department, 150 E. 58th Street, 17th floor,New York, NY10155 or by calling 212-312-6700 or byemailingprospectus@benchmarkcompany.com.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, 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.