Company: SDAWW
Filing Date: 2025-05-21
Form Type: 6-K
Source: 0001213900-25-046449
Chunk: 20

Company: SunCar Technology Group Inc.
Filing Date: 2025-05-21
Form: 6-K
Chunk 20
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OLIDATED FINANCIAL STATEMENTS (In U.S. Dollar thousands, except share and per share data)

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 three
months ended March 31, 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, dividends, recapitalizations and other similar 
 events) for any 20 trading days within a 30-trading day period ending on the third business day prior to the date on which the Company 
 send the notice of redemption to the warrant holders.                                                                                  |

| (ii) | Upon a minimum of 30 day’s prior written notice of 
 redemption.                                        |

If the foregoing conditions are satisfied and
the Company would issue a notice of redemption, each Public Warrant holder can exercise his, her or its warrant prior to the scheduled
redemption date. However, the price of the ordinary shares may fall below the $ trigger price as well as the $ warrant
exercise price per full