U Power Limited (UCAR) Prices Registered Follow-on Offering
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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 [email protected], 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.
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