WestPark Capital Announces Closing of $14.5 Million IPO for U Power Limited. (NASDAQ:UCAR)
April 25 2023 - 9:00AM
Business Wire
WestPark Capital, a Los Angeles based international investment
bank and securities firm announced today the closing of an initial
public offering for U Power Limited (UCAR) a vehicle sourcing
services provider with a vision to becoming a comprehensive EV
battery power solution provider in China. The offering consisted 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.
WestPark Capital, Inc. was the sole book running manager for 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 WestPark Capital, Inc.
WestPark Capital is a full-service investment bank focused on
emerging growth sectors such as healthcare, software, technology,
biotechnology, financial services, manufacturing, consumer
products, media and telecom industries, among other categories.
WestPark Capital provides a comprehensive range of corporate
finance services, including initial public offerings, follow-on
offerings, private placements, CMPOs, RDs, ATM, SIPOs and corporate
finance advisory services. Additional information about WestPark
Capital is available at www.wpcapital.com or at
info@wpcapital.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20230425005383/en/
WestPark Capital, Inc. Jason Stern info@wpcapital.com
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