SOAR Technology Acquisition Corp. announced that it has entered into warrant purchase agreement for a private placement of 5,333,333 warrants non-redeemable Warrants at $1.50 per Private Placement Warrant with new investor, SOAR TECHNOLOGY SPONSOR, LP for aggregate proceeds of $7,999,999.5 on March 22, 2021. Each Private Placement Warrant is exercisable for one whole share of Class A common stock at a price of $11.50 per share. The Private Placement Warrants will not be redeemable by the Company and will be exercisable on a cashless basis. The warrants will become exercisable on the later of 30 days after the completion of initial business combination and 18 months from the closing of this offering and will expire five years after the completion of initial business combination. The issuance of the Private Placement Warrants was made pursuant to the exemption from registration contained in Section 4(a)(2) of the Securities Act of 1933, as amended. The Company has entered into an Investment Management Trust Agreement with Continental Stock Transfer & Trust Company, acting as trustee pursuant to which a portion of the proceeds from the sale of the Private Placement Warrants to the Sponsor was added to the proceeds from the Initial Public Offering held in the Trust Account. If the Company does not complete a Business Combination within the Combination Period, the Private Placement Warrants will expire worthless. Private placement warrants may be exercised only for a whole number of shares. The net proceeds from the sale of the private placement warrants held in the trust account will be invested in U.S. government treasury bills with a maturity of 185 days or less or in money market funds investing solely in U.S. Treasuries and meeting certain conditions under Rule 2a-7 under the Investment Company Act. The Purchaser shall pay the Purchase Price in accordance with the Company’s wiring instructions by wire transfer of immediately available funds in the following amounts: (i) $3,000,000 to the Company at a financial institution to be chosen by the Company and (ii) $10,000,000 to the trust account maintained by Continental Stock Transfer & Trust. If the over-allotment option is exercised in full, the company will issue additional 5,833,333 Private Placement Warrants.