Senmiao Technology Limited’s $6.5 Million Shares Offering

Schiff Hardin LLP advised FT Global Capital on the deal.

Senmiao Technology Limited (Nasdaq: AIHS), a financing and servicing company focused on the online ride-hailing industry in China as well as an operator of its own online ride-hailing platform, announced that it has closed a registered direct offering with certain institutional investors (the “Investors”) of 5,531,916 of its shares of common stock at a price of $1.175 per share (at-the-market under the Nasdaq rules) for aggregate gross proceeds of approximately $6.5 million. In addition, the Company issued warrants to the Investors to purchase a total of 5,531,916 shares of common stock at a purchase price of $1.05 per share. The warrants have a term of five years and are exercisable at any time on or after the issue date.

FT Global Capital, Inc. acted as the exclusive placement agent for the offering. Pryor Cashman LLP acted as counsel to the Company and Schiff Hardin LLP acted as counsel to the placement agent in connection with the placement.

The Schiff Hardin team included Ralph V. De Martino (Picture) and Cavas S. Pavri.

Involved fees earner: Ralph De Martino – Schiff Hardin LLP; Cavas Pavri – Schiff Hardin LLP;

Law Firms: Schiff Hardin LLP;

Clients: FT Global Capital, Inc.;

Author: Martina Bellini