Senmiao Technology raises $5M via private placement of Series A Preferred and warrants

Senmiao Technology Ltd

$5M aggregate from institutional investors: 5,000 Series A Preferred Shares at $1,000 each plus warrants to acquire common shares at $0.82.
Preferred convertible into common at $0.68/share (adjusted to greater of $0.41 or 85% of closing bid); warrants exercisable for 5 years starting 6 months after issuance.
Net proceeds to accelerate business plan and fund working capital; offering expected to close on or about November 10, 2021.
FT Global Capital acts as placement agent, receiving 7.5% cash fee and warrants for 7.5% of conversion shares at $0.68 per share.
Company to file resale registration statement within 20 days; must be effective within 60-110 days or pay 1.5% monthly penalty.

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