SunCar Technology Group Inc shares surged 121% to close at $43.05 on Wednesday.
The provider of digitalized enterprise automotive after-sales services and online auto insurance intermediation services in China recently began trading on the Nasdaq after completing its previously announced merger with China’s Goldenbridge Acquisition Limited, a publicly-traded special purpose acquisition company (SPAC).
“The successful closing of our Business Combination with Goldenbridge not only validates SunCar's strong value proposition to our customers and shareholders, but also marks an important milestone in our corporate development,” SunCar Technology Group CEO Zaichang Ye said in a statement.
“In addition, it should serve as a springboard to accelerate the growth of our company.”
SunCar also revealed recently an equity investment from Anji Zerun Private Equity Investment Partnership, in which Anji Zerun purchased 2,173,657 SunCar Class A ordinary shares for a total consideration of US$21,736,569.25.
Originally founded in 2007, SunCar develops and operates online platforms in China that seamlessly connect drivers with a wide range of automotive services and insurance coverage options from a nationwide network of provider partners.
Contact Sean at sean@proactiveinvestors.com