Senmiao closes $5M private placement of Series A convertible preferred and warrants

Senmiao Technology Ltd

Raised $5M from institutional investors via Series A Convertible Preferred Stock convertible at $0.68/share.
Issued warrants to purchase up to 7,352,942 shares at $0.82/share, exercisable after 6 months and 1 day; 5-year term.
Proceeds to accelerate business plan and fund working capital; FT Global Capital acted as placement agent.
Correction: No lock-up agreements were entered into for directors, officers or 5% holders, contrary to prior 8-K statement.
Company must file resale registration statement within 20 days; SEC effectiveness target within 60-110 days.

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