U Power Limited Announces Closing of Registered Follow-on Offering
06 Dezembro 2023 - 3:50PM
U Power Limited (Nasdaq: UCAR) (the “Company” or “U Power”), a
vehicle sourcing services provider with a vision to becoming a
comprehensive EV battery power solution provider in China, today
announced the closing of its best-efforts follow-on offering (the
“Offering”) of 10,000,000 units at a purchase price of US$1.20 per
unit. Each unit consisted of one ordinary share of the Company, one
Series A warrant to purchase one ordinary share of the Company, and
one Series B warrant to purchase one ordinary share of the Company.
The Series A warrants were immediately exercisable and will expire
on the fifth anniversary of the original issuance date at an
exercise price of US$1.20, and the Series B warrants were
immediately exercisable and will expire on the fifth anniversary of
the original issuance date at an exercise price of US$1.54.
The Company received aggregate gross proceeds of
US$12,000,000 from the Offering, excluding expenses associated with
the Offering. Proceeds from the Offering will be used for the
merger and acquisition of battery swapping companies, working
capital and other general corporate purposes.
Univest Securities, LLC ("Univest") acted as the
placement agent for the Offering. Hunter Taubman Fischer & Li
LLC acted as U.S. securities counsel to the Company, and Ortoli
Rosenstadt LLP acted as U.S. counsel to Univest in connection with
the Offering.
The units were offered pursuant to the Company’s
registration statement on Form F-1, which was initially filed with
the U.S. Securities and Exchange Commission (the "SEC") on November
20, 2023 (File Number: 333-275654) and was declared effective by
the SEC on November 29, 2023. A final prospectus, describing the
terms of the Offering and forming a part of the registration
statement, was filed with the SEC and made available on the SEC's
website at www.sec.gov. Electronic copies of the final prospectus
relating to the Offering may be obtained from Univest, Attn: 75
Rockefeller Plaza, Suite 18C, New York, NY 10019, or by email at
info@univest.us, or by calling +1 (212)-343-8888.
This press release does not constitute an offer
to sell or the solicitation of an offer to buy, nor will there be
any sales of such securities in any jurisdiction in which such
offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of such
jurisdiction.
About U Power Limited
U Power Limited is a vehicle sourcing services
provider, with a vision to becoming an EV market player primarily
focused on its proprietary battery-swapping technology, or UOTTA
technology, which is an intelligent modular battery-swapping
technology designed to provide a comprehensive battery power
solution for EVs. Since its operation in 2013, the Company has
established a vehicle sourcing network in China's lower-tier
cities. The Company has developed two types of battery-swapping
stations for compatible EVs and is operating one manufacturing
factory in Zibo City, Shandong Province, China. For more
information, please visit the Company's website:
http://ir.upincar.com/.
Forward-Looking Statements
This press release contains “forward-looking
statements”. Forward-looking statements reflect our current view
about future events. These forward-looking statements involve known
and unknown risks and uncertainties and are based on the Company’s
current expectations and projections about future events that the
Company believes may affect its financial condition, results of
operations, business strategy and financial needs. Investors can
identify these forward-looking statements by words or phrases such
as “may,” “will,” “could,” “expect,” “anticipate,” “aim,”
“estimate,” “intend,” “plan,” “believe,” “is/are likely to,”
“propose,” “potential,” “continue” or similar expressions. The
Company undertakes no obligation to update or revise publicly any
forward-looking statements to reflect subsequent occurring events
or circumstances, or changes in its expectations, except as may be
required by law. Although the Company believes that the
expectations expressed in these forward-looking statements are
reasonable, it cannot assure you that such expectations will turn
out to be correct, and the Company cautions investors that actual
results may differ materially from the anticipated results and
encourages investors to review other factors that may affect its
future results in the Company's registration statement and other
filings with the U.S. Securities and Exchange Commission.
For investor and media inquiries, please
contact:
U Power LimitedInvestor Relations
DepartmentEmail: ir@upincar.com
Ascent Investor Relations LLCTina XiaoPhone:
+1-646-932-7242Email: investors@ascent-ir.com
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