SunCar Technology Group closed its business combination with Goldenbridge Acquisition Limited. The deal was approved by Goldenbridge shareholders April 14. Although the SPAC has not disclosed redemption figures on the deal, it did say it would accept redemption reversals up until the transaction closed.
There was no minimum cash condition.
SunCar’s shares and warrants began trading today on the Nasdaq Capital Market under the ticker symbols SDA and SDAWW.
SunCar, a provider of digital auto services and auto insurance through Shanghai-based SunCar Online Insurance Agency, entered into the merger agreement with Goldenbridge a year ago this month. At that time, the deal valued the combined company at an estimated enterprise value on a pro-forma basis of approximately $858 million, although that assumed zero redemptions. Read more.
