Senmiao subsidiary to divest Hunan Xixingtianxia via debt-assumption deal with Jiangsu Yuelaiyuexing

Senmiao Technology Ltd

On Aug 8, 2024, Senmiao's wholly-owned subsidiary agreed to sell 100% of Hunan Xixingtianxia Technology Co. to Jiangsu Yuelaiyuexing Technology Co.
No cash consideration; purchaser assumes all external third-party debts and will transfer cash to repay the target's bank loans.
Transferor must pay off substantially all outstanding employee compensation of the target before October 15, 2024.
Closing expected in September 2024, subject to customary closing conditions; no assurance closing will occur.
The divestiture allows Senmiao to shed liabilities and exit the target business, simplifying its structure.

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