Company: SDAWW
Filing Date: 2025-05-21
Form Type: 6-K
Source: 0001213900-25-046449
Chunk: 19

Company: SunCar Technology Group Inc.
Filing Date: 2025-05-21
Form: 6-K
Chunk 19
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 interest                |     |                  |  (7 | ) |
| Total                                 |     | $                | 444 |   |

| 10. | WARRANTS |

GEM Warrant

On November 4, 2022, Auto Services Group Limited
entered into a Share Purchase Agreement (the “GEM Purchase Agreement”) with GEM Global Yield LLC SCS (“GEM Investor”)
and GEM Yield Bahamas Limited (“GYBL”) relating to a share subscription facility. Pursuant to the GEM Purchase Agreement,
Auto Services Group Limited has the right to sell to GEM Investor up to $ million of its ordinary shares (the “GEM Shares”)
for a 36-month period following a public listing of the Group’s ordinary shares (the “Investment Period”). GEM Investor
would pay % of the average daily closing price during the pricing period, which is a 30-day period after SunCar turns a draw-down notice
to GEM Investor.

In addition, in connection with the execution
of the GEM Purchase Agreement and as consideration for GEM Investor’s irrevocable commitment to purchase the GEM Shares, SunCar
has agreed to make a warrant (the “GEM Warrants”) granting GYBL the right, during the Investment Period, to purchase the Group’s
ordinary shares up to the equivalent of % of the total equity interests outstanding immediately after the completion of the Group’s
public listing, calculated on a fully diluted basis. The exercise price of the GEM Warrant $ per share in the case the Group consummates
a merger transaction with GBRG, and priced customarily in the 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 March 31, 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.

F-17 SUNCAR TECHNOLOGY GROUP INC NOTES TO UNAUDITEDCONDENSED CONS