SHANGHAI, April 24,
2024 /PRNewswire/ -- 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
that it received a letter from The Nasdaq Stock Market LLC
("Nasdaq"), dated April 19, 2024,
informing the Company that it has regained compliance with the
minimum bid price requirement under Nasdaq Listing Rule 5550(a)(2)
(the "Rule") for continued listing on the Nasdaq Capital Market.
Additionally, in application of Listing Rule 5815(d)(4)(B), the
Company will be subject to a mandatory panel monitor for a period
of one year from the date of this letter. If, within the one-year
monitoring period, Nasdaq finds the Company again out of compliance
with the Rule, Nasdaq will issue a Delist Determination Letter and
the Company will have an opportunity to request a new hearing with
the initial panel or a newly convened hearings panel if the initial
panel is unavailable.
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 may contain "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.
Contact
U Power Limited
Investor Relations Department
Email: ir@upincar.com
Robin Yang, Partner
ICR, LLC
Email: UPower.IR@icrinc.com
Phone: +1 (212) 475-0415
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SOURCE U Power Limited
