U Power Limited Announces Pricing of Initial Public Offering
April 20 2023 - 9:16AM
U Power Limited (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
pricing of its initial public offering (the “Offering”) of
2,416,667 ordinary shares at a public price of US$6.00 per ordinary
share. The gross proceeds of the Offering are expected to be
approximately US$14.50 million, before deducting underwriting
discounts and commissions, and other offering expenses. The
ordinary shares are expected to begin trading on the Nasdaq Capital
Market on April 20, 2023, under the symbol “UCAR.” The Offering is
expected to close on April 21, 2023, subject to the satisfaction of
customary closing conditions.
Net proceeds from the Offering will be used for
developing and marketing UOTTA-powered EVs, manufacturing and
developing UOTTA-powered battery-swapping stations, developing and
upgrading UOTTA technologies, and working capital purposes.
The Offering is being conducted on a firm
commitment basis. WestPark Capital, Inc. is the sole book running
manager for the Offering and Orientiert XYZ Securities Limited is a
co-manager. Hunter Taubman Fischer & Li LLC is acting as U.S.
securities counsel to the Company, and Hogan Lovells is acting as
U.S. securities counsel to the underwriters in connection with the
Offering.
A registration statement on Form F-1 relating to
the Offering was filed with the U.S. Securities and Exchange
Commission (the “SEC”) (File Number: 333-268949), as amended, and
was declared effective by the SEC on March 31, 2023. The Offering
is being made only by means of a prospectus forming a part of the
registration statement. Copies of the final prospectus relating to
the Offering, when available, may be obtained from WestPark
Capital, Inc., 1800 Century Park East, Suite 220, Los Angeles, CA
90067, by phone at (310) 203-2919, or by email at
syndicate@wpcapital.com. In addition, a copy of the final
prospectus relating to the Offering, when available, may be
obtained via the SEC’s website at www.sec.gov.
Before you invest, you should read the
registration statement and the preliminary prospectus contained
therein and the final prospectus, when available, and other
documents the Company has filed or will file with the SEC for more
complete information about the Company and the Offering. This press
release does not constitute an offer to sell, or the solicitation
of an offer to buy any of the Company’s securities, nor shall such
securities be offered or sold in the United States absent
registration or an applicable exemption from registration, nor
shall there be any offer, solicitation or sale of any of the
Company’s securities in any state or jurisdiction in which such
offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of such state or
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 currently holds 14 issued patents and has 24
pending patent applications for UOTTA technology. 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 SEC.
For investor and media inquiries, please
contact:
U Power LimitedInvestor Relations
DepartmentEmail: ir@upincar.com
Ascent Investor Relations LLCTina XiaoPhone:
+1-917-609-0333Email: tina.xiao@ascent-ir.com
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