Senmiao Technology announces closing of $6.5 million registered direct offering

Senmiao Technology Limited ("Senmiao" or the "Company") (Nasdaq: AIHS), a financing and servicing company focused on the online ride-hailing industry in China as well as an operator of its own online ride-hailing platform, today announced that it has closed a registered direct offering with certain institutional investors (the "Investors") of 5,531,916 of its shares of common stock at a price of $1.175 per share (at-the-market under the Nasdaq rules) for aggregate gross proceeds of approximately $6.5 million. In addition, the Company issued warrants to the Investors to purchase a total of 5,531,916 shares of common stock at a purchase price of $1.05 per share. The warrants have a term of five years and are exercisable at any time on or after the issue date.

The Company has approximately 55.4 million shares of common stock outstanding after the offering. Senmiao intends to use the net proceeds from the offering for working capital and other general corporate purposes.

FT Global Capital, Inc. acted as the exclusive placement agent for the offering. Pryor Cashman LLP acted as counsel to the Company and Schiff Hardin LLP acted as counsel to the placement agent in connection with the placement.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction.

For further details of this transaction, please see the Form 8-K to be filed with the U.S. Securities and Exchange Commission.