Company: SDAWW
Filing Date: 2025-12-22
Form Type: 6-K
Source: 0001213900-25-124170
Chunk: 26

Company: SunCar Technology Group Inc.
Filing Date: 2025-12-22
Form: 6-K
Chunk 26
---
 a reduction of stock-based compensation expense when the forfeiture actually occurs. The Company recognizes compensation expenses related to those restricted shares on a straight-line basis over the vesting periods. $ 1,121and $ 1,117of compensation expenses were recorded for the nine months ended September 30, 2024 and 2025. As of September 30, 2025, all restricted ordinary shares had fully vested and the unrecognized compensation expense related to restricted shares amounted to nil. The 2020 Plan was carried out in the way that eligible employees indirectly hold shares of Shanghai Shengda by holding shares of Jingning Shengjing Enterprise Management Partnership (Limited Partnership) (“Shareholding Platform”) as the general partner and limited partner of the Shareholding Platform. F-23 SUNCAR TECHNOLOGY GROUP INC NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (In U.S. Dollar thousands, except share and per share data)

| 12. | EQUITY |

Acquisition of non-controlling interests

For the nine months ended September 30, 2025,
Suncar Online acquired % of equity interest of Shengda Automobile from non-controlling shareholders at the consideration of $.
The Group derecognized non-controlling interest of $, and the difference between the purchase price and the carrying amount of the
proportional net assets that acquired from non-controlling shareholders was charged against additional paid-in capital, which was $.

Issuance of ordinary shares

On February 5, 2025, the Company entered into
an underwriting agreement with BTIG, LLC as the representative of the underwriters named therein, to issue and sell Class A
ordinary shares for total expected gross proceeds of approximately $ million before underwriting discounts and commissions and offering
expenses. The issuance was completed on February 7, 2025, the proceeds from issuance of ordinary shares, net of offering costs, amounted
to approximately $ million.

Shares Repurchase from public market

On February 7, 2025, the Company announced that
its board of directors has authorized a share repurchase program (the “Share Repurchase Program”) to buy back up to $ million
of its outstanding Class A ordinary shares.

The following table sets forth repurchase activity
under the Share Repurchase Program from inception through September 30, 2025:

| Periods               
 February 2025:        |     | Total number of Class A Ordinary 
 shares purchased                 |           |