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.

WestPark Capital, Inc. Jason Stern info@wpcapital.com

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