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SunCar Technology Group Announces Share Repurchase Program

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NEW YORK, Feb. 7, 2025 /PRNewswire/ -- SunCar Technology Group Inc. ("SunCar" or the "Company") (Nasdaq: SDA), an innovative leader in cloud-based B2B auto services and auto e-insurance in China, today announced that its board of directors has authorized a share repurchase program to buy back up to $30 million of its outstanding Class A ordinary shares. This program reflects the Company's confidence in its long-term growth prospects.

The share repurchase program is expected for the next 12 months. The Company intends to fund the repurchases through a combination of cash on hand and cash generated from operations.

Mr. Zaichang Ye, Chairman and Chief Executive Officer of SunCar commented, "this stock repurchase program demonstrates the management's confidence in the outlook for our business. The board of directors and management team believe that the Company's continued effort to keep our position as a leading cloud-based provider of digitalized enterprise auto services and auto eInsurance service in China in the market will deliver the best value to our shareholders."

The Company may repurchase shares of its Class A ordinary shares from time to time on the open market or in privately negotiated transactions, or otherwise in accordance with applicable federal securities laws, including Rule 10b5-1 and Rule 10b-18 of the Securities Exchange Act of 1934. The timing and actual number of shares repurchased will depend on a variety of factors including regulatory restrictions on price, manner, timing, and volume, corporate and other regulatory requirements and other market conditions in an effort to minimize the impact of the purchases on the market for the stock.

About SunCar Technology Group Inc.

Founded in 2007, SunCar is transforming the customer journey for auto services and auto insurance in China, the largest passenger vehicle market in the world. SunCar develops and operates cloud-based platforms that seamlessly connect drivers with a wide range of auto services and insurance coverage options through a nationwide network of sales partners. As a result, SunCar has established itself as the leader in China in the B2B auto services market and the auto eInsurance market for electric vehicles. SunCar's intelligent cloud platform empowers its enterprise clients to access and manage their customer database and offerings optimally, and drivers gain access to hundreds of services from tens of thousands of independent providers in a single application. For more information, please visit: https://suncartech.com.