M&A - Senmiao Technology Ltd

Form Type: 10-Q

Filing Date: 2025-02-14

Corporate Action: Acquisition

Type: Update

Accession Number: 000121390025014277

Filing Summary: Senmiao Technology Limited, a holding company incorporated in Nevada and operating primarily in the automobile transaction and ride-hailing service sectors in China, reported its financial performance for the quarter ending December 31, 2024. The company completed an acquisition agreement on August 20, 2024, wherein it disposed of its 100% equity interest in a subsidiary, Xixingtianxia, which operated a ride-hailing platform. This acquisition is a significant development for the company as they transition to a more streamlined operation focusing purely on automobile financial leasing services. Financially, the company experienced a net loss from continuing operations of approximately $1.6 million during the nine months ending December 31, 2024. The total assets were reported at $7.89 million as of December 31, 2024. The document outlines forward-looking statements regarding growth, market risks, and the impact of regulatory environments on their operations. Additionally, the company's stockholders' equity was reported as a deficit of approximately $1.17 million, indicating potential concerns regarding the firm's financial health.

Document Link: View Document