Goldenbridge Acquisition Limited (GBRG) Completes SunCar Deal

Goldenbridge Acquisition Limited (Nasdaq: GBRG) announced this afternoon that it has completed its business combination with digitalized auto services provider Auto Services Group through its indirect majority-owned subsidiary Sun Car Online Insurance Agency.

The SPAC’s shareholders already approved the deal at a meeting held on April 14, but at that time, it noted that it was planning to close as soon as possible and would continue to accept reversal of redemption requests until then. Goldenbridge still has not yet released information on its redemptions in connection with its vote, but the transaction also did not include a minimum cash condition.

Beginning Thursday, May 18, SunCar’s Class A ordinary shares and warrants will trade on the Nasdaq under the ticker symbols “SDA” and “SDAWW,” respectively.

Goldenbridge announced the $858 million combination with Auto Services Group in May 2022. Shanghai, China-based SunCar is a leading provider of digital platforms of comprehensive automotive services and market-wide auto insurance products in China.

ADVISORS

• Maxim Group LLC is acting as M&A and financial advisor to Goldenbridge.
• Loeb & Loeb LLP is acting as legal advisor to Goldenbridge.
• Pryor Cashman LLP is acting as legal advisor to SunCar.
• Chain Stone Capital Limited (CTM) is acting as financial advisor to SunCar.