NEW YORK, May 17, 2023 (GLOBE NEWSWIRE) -- SunCar Technology Group Inc., a leading provider of digitalized enterprise automotive after-sales services and online auto insurance intermediation service in China ("SunCar," the "Company"), today announced the completion of the previously announced business combination (the "Business Combination") with Goldenbridge Acquisition Limited (NASDAQ:GBRG) ("Goldenbridge"), a publicly traded special purpose acquisition company. The Business Combination was approved at a special meeting of Goldenbridge's shareholders on April 14, 2023. Beginning Thursday, May 18, 2023, SunCar's Class A ordinary shares and warrants will trade on the Nasdaq Capital Market under the ticker symbols "SDA" and "SDAWW," respectively.

Yongsheng Liu, Chief Executive Officer of Goldenbridge commented, "We are excited to complete the Business Combination between Goldenbridge and SunCar. The Goldenbridge team is honored to be part of this landmark occasion for SunCar."

Zaichang Ye, Chief Executive Officer of SunCar commented, "The successful closing of our Business Combination with Goldenbridge not only validates SunCar's strong value proposition to our customers and shareholders, but also marks an important milestone in our corporate development. In addition, it should serve as a springboard to accelerate the growth of our company. Being a publicly-traded company, we plan to leverage our expanded resources, technology, brand equity, and operational know-how to capitalize on new growth opportunities and deliver lasting shareholder value."

Loeb & Loeb LLP and Forbes Hare served as legal advisors to Goldenbridge. Pryor Cashman LLP and Maples and Calder (Hong Kong) LLP served as legal advisors to SunCar. Maxim Group LLC served as an M&A and financial advisor to Goldenbridge. Chain Stone Capital Limited served as financial advisor to SunCar.

About SunCar Technology Group Inc.

Originally founded in 2007, SunCar is transforming the customer journey for car insurance and aftermarket services in China, the largest passenger vehicle market in the world. SunCar develops and operates online platforms that seamlessly connect drivers with a wide range of automotive services and insurance coverage options from a nationwide network of provider partners. As a result, SunCar has established itself as the leader in China for B2B automotive after-sales services and the online insurance market for electric vehicles. The company's multi-tenant, cloud-based platform empowers its enterprise clients to optimally access and manage their customer database and offerings, and drivers gain access to hundreds of services from thousands of independent providers in a single application.

Forward Looking Statements

This press release includes forward-looking statements that involve risks and uncertainties. Forward-looking statements are statements that are not historical facts. Such forward-looking statements, including the successful consummation of the business combination, are subject to risks and uncertainties, which could cause actual results to differ from the forward-looking statements. SunCar expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in SunCar's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.

Contact

SunCar:

Lingshi Road, No. 656, Suite 209

Shanghai, China

Attn: Ms. Hui Jiang and Ms. Li Chen

Email: jianghui@4008801768.com

chenli@4008801768.com

Investor & Media Relations:

John McKenna

Gaffney Bennett PR for SunCar

Email: SunCar@GBPR.com

SunCar Completes Business Combination with Goldenbridge Acquisition Limited to Become Publicly Traded Company