Company: SDAWW
Filing Date: 2025-12-22
Form Type: 6-K
Source: 0001213900-25-124170
Chunk: 20

Company: SunCar Technology Group Inc.
Filing Date: 2025-12-22
Form: 6-K
Chunk 20
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 absence of the consummation of such a merger. The GEM Warrant may be exercised
only on cash basis.

After the Business Combination completed in May
2023, SunCar Technology Group Inc. registered the GEM Shares and GEM Warrants for the GEM Investor pursuant to GEM Purchase Agreement.
As of September 30, 2025, the Company did not sell any ordinary shares to GEM Investor pursuant to GEM Purchase Agreement. The Company
issued GEM Warrants with the exercise price of $ per share. Each GEM Warrant is entitled to purchase Class A Ordinary
Share. The GEM Warrants were exercisable from May 17, 2023, and shall expire on the date of the third anniversary of the public listing
date.

The GEM Warrant met the criteria for equity classification.
Pursuant to GEM Purchase Agreement, the GEM Warrants were issued as consideration for GEM Investor’s irrevocable commitment to purchase
the GEM Shares, and thus, the initial fair value of the warrants was recorded as prepaid financing expense, which was amortized within
the Investment Period commencing from May 17, 2023 to May 17, 2026. The Group recognized financing expense of $ and $ for the nine
months ended September 30, 2024 and 2025.

Public Warrant and Private Warrant

In connection with the Business Combination, the
Company has assumed warrants outstanding, which consisted of: (i) warrants (the “Public Warrants”) with
each Public Warrant exercisable to purchase one-half (1/2) of Class A Ordinary Share at a price of $ per share, such Public Warrants
originally issued in the initial public offering of Goldenbridge by holders, and (ii) warrants (the “Private Warrants”)
with each Private Warrant exercisable to purchase one-half (1/2) of Class A Ordinary Share at a price of $ per share, such Private
Warrants originally issued in a private placement by Goldenbridge in connection with the initial public offering of GBRG by the holders.

When the Public Warrants are exercisable, the
Company may redeem the Public Warrants in whole, and not in part, at a price of $ per warrant:

| (i) | If,                                                                                                                                       
 and only if the last reported sales price of the Class A Ordinary Shares equals or exceeds $16.50 per share (subject to adjustment for    
 splits,