CHENGDU, China, Feb. 10, 2021 /PRNewswire/ -- Senmiao Technology Limited (Nasdaq: AIHS) ("Senmiao") a provider of automobile transaction and related services targeting the online ride-hailing industry in China as well as an operator of its own online ride-hailing platform, today announced that it has closed a registered direct offering of an aggregate of 5,072,465 shares of common stock at a price of $1.38 per share for aggregate gross proceeds of $7.0 million. The Company has approximately 49.3 million common shares outstanding after the offering.
Senmiao intends to use the net proceeds from the offering for the continued expansion of its business, including the purchase of automobiles and development of its online ride-hailing platform.
FT Global Capital, Inc. is acting as the exclusive placement agent in connection with the offering. Ellenoff Grossman & Schole LLP acted as counsel to the Company and Schiff Hardin LLP acted as counsel to the Placement Agent in connection with the placement.
This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, nor may there be any sale of these securities in any state or jurisdiction in which such an 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 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. Senmiao also operates its own ride-hailing platform aimed principally at the growing online ride-hailing 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. These forward-looking statements also are subject to risks, uncertainties and assumptions, including those detailed from time to time in the Senmiao's filings with the SEC, and represent Senmiao's views only as of the date they are made and should not be relied upon as representing Senmiao's views as of any subsequent date. Senmiao undertakes no obligation to publicly revise any forward-looking statements to reflect changes in events or circumstances.
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SOURCE Senmiao Technology Limited