U Power Limited Announces Pricing of Registered Follow-on Offering
December 04 2023 - 9:00AM
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 pricing of its best-efforts follow-on offering (the
“Offering”) of up to 10,000,000 units at a purchase price of
US$1.20 per unit. Each unit consists of one ordinary share of the
Company, one Series A warrant to purchase one ordinary share of the
Company, and one Series B warrant to purchase one ordinary share of
the Company. The Series A warrants will be immediately exercisable
and will expire on the fifth anniversary of the original issuance
date at an exercise price of US$1.20, and the Series B warrants
will be immediately exercisable and will expire on the fifth
anniversary of the original issuance date at an exercise price of
US$1.54. The Company expects to close the Offering on or about
December 6, 2023, subject to the satisfaction of customary closing
conditions.
The Company expects to receive aggregate gross
proceeds of US$12,000,000 from the Offering, excluding expenses
associated with the Offering. Proceeds from the Offering will be
used for merger and acquisition of battery swapping companies, and
working capital and other general corporate purposes.
Univest Securities, LLC ("Univest") is acting as
the placement agent for the Offering. Hunter Taubman Fischer &
Li LLC is acting as U.S. securities counsel to the Company, and
Ortoli Rosenstadt LLP is acting as U.S. counsel to Univest, in
connection with the Offering.
The units are offered pursuant to the Company’s
registration statement on Form F-1, which was filed with the U.S.
Securities and Exchange Commission (the "SEC") (File Number:
333-275654) and was declared effective by the SEC on November 29,
2023. A final prospectus, describing the terms of the Offering and
forming a part of the registration statement, will be filed with
the SEC and will be available on the SEC's website at www.sec.gov.
Electronic copies of the final prospectus relating to the Offering
may be obtained, when available from Univest, Attn: 75 Rockefeller
Plaza, Suite 1838, New York, NY 10019, or by email at
info@univest.us, or by calling +1 (212)-343-8888.
This press release does not constitute an offer
to sell or the solicitation of an offer to buy, nor will there be
any sales of such securities in any jurisdiction in which such
offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of such
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 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
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