Sheppard Mullin advised The Benchmark Company, LLC and Axiom Capital Management, LLC on the deal.
Senmiao Technology Limited (“Senmiao”) (NASDAQ: AIHS), a provider of automobile transaction and related services targeting the online ride-hailing industry in China, announced the closing of its previously announced underwritten public offering of 12,000,000 shares of common stock at a price of $0.50 per share. The total gross proceeds from the offering are US$6.0 million, prior to deducting underwriting discounts and offering expenses.
Senmiao has granted the underwriters a 45-day over-allotment option to purchase an additional 1,800,000 shares of common stock at the same price, less underwriting discounts and commissions.
The Benchmark Company, LLC and Axiom Capital Management, Inc. acted as joint book-running managers for the offering.
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 aimed principally at the growing ride-sharing market in Senmiao’s areas of operation in China.
The Sheppard Mullin team included partner Richard Friedman (Picture) and associates Alex Yarbrough, Justin Anslow and Yuanmei Lu.
Law Firms: Sheppard Mullin;