U Power Limited Announces Closing of Initial Public Offering
April 24 2023 - 8:00AM
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 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 were
approximately US$14.50 million, before deducting underwriting
discounts and commissions, and other offering expenses. The
ordinary shares began trading on the Nasdaq Capital Market on April
20, 2023, under the symbol “UCAR.”
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 was conducted on a firm commitment
basis. WestPark Capital, Inc. was the sole book running manager for
the Offering and Orientiert XYZ Securities Limited was a
co-manager. Hunter Taubman Fischer & Li LLC acted as U.S.
securities counsel to the Company, and Hogan Lovells acted 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
was made only by means of a prospectus forming a part of the
registration statement. Copies of the final prospectus relating to
the Offering 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
may be obtained via the SEC’s website at www.sec.gov.
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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