Company: SDAWW
Filing Date: 2025-02-04
Form Type: 6-K
Source: 0001213900-25-010076
Chunk: 16

Company: SunCar Technology Group Inc.
Filing Date: 2025-02-04
Form: 6-K
Chunk 16
---
|:----|:----------|----:|:--|
| 2025                                      |     |           | 571 |   |
| 2026                                      |     |           |  19 |   |
| Total lease payments                      |     |           | 773 |   |
| Less: imputed interest                    |     |           | (15 | ) |
| Total                                     |     | $         | 758 |   |

F-15

10. WARRANTS

GEM Warrant

On November 4, 2022, Auto Service 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 Service 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 September 30, 2024, 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 G