U Power Limited Announces Receipt of Nasdaq Notification Regarding Minimum Bid Price Deficiency
January 23 2024 - 4:05PM
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 Company had received a notification letter (the
“Notification Letter”), dated January 19, 2024, from the Listing
Qualifications Department of The Nasdaq Stock Market LLC
("Nasdaq"), indicating that it is not in compliance with the
minimum bid price requirement set forth in the Nasdaq Listing Rules
for continued listing on the Nasdaq.
Nasdaq Listing Rule 5550(a)(2) requires listed
securities to maintain a minimum bid price of US$1.00 per share,
and Nasdaq Listing Rule 5810(c)(3)(A) provides that a failure to
meet the minimum bid price requirement exists if such deficiency
continues for a period of 30 consecutive business days. Based on
the closing bid price of the Company's ordinary shares for the 30
consecutive business days from December 4, 2023, to January 18,
2024, the Company no longer meets the minimum bid price
requirement.
The Notification Letter does not impact the
Company's listing on the Nasdaq Capital Market at this time. In
accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company has
been provided 180 calendar days, or until July 17, 2024 (the
“Compliance Period”), to regain compliance with Nasdaq Listing Rule
5550(a)(2). To regain compliance, the Company's ordinary shares
must have a closing bid price of at least US$1.00 for a minimum of
10 consecutive business days. If at any time during the Compliance
Period, the closing bid price per share of the Company's Ordinary
Shares is at least $1.00 for a minimum of 10 consecutive business
days, Nasdaq will provide the Company a written confirmation of
compliance and the matter will be closed.
In the event the Company does not regain
compliance by July 17, 2024, the Company may be eligible for
additional time to regain compliance. To qualify, the Company will
be required to meet the continued listing requirement for market
value of publicly held shares and all other initial listing
standards for the Nasdaq Capital Market, with the exception of the
bid price requirement, and will need to provide written notice to
Nasdaq of its intention to cure the deficiency.
The Company's operations are not affected by the
receipt of the Notification Letter. The Company intends to monitor
the closing bid price of its ordinary shares and may, if
appropriate, consider implementing available options, including,
but not limited to, implementing a reverse share split of its
outstanding ordinary shares, to regain compliance with the minimum
bid price requirement under the Nasdaq Listing Rules.
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
U Power (NASDAQ:UCAR)
Historical Stock Chart
From Jul 2024 to Aug 2024
U Power (NASDAQ:UCAR)
Historical Stock Chart
From Aug 2023 to Aug 2024