U Power raises $3.19 million through share subscription agreements

U Power Limited (NASDAQ: UCAR) entered into subscription agreements with seven purchasers for the sale of 2.9 million Class A ordinary shares at $1.10 per share, according to a company statement.

The transaction generates gross proceeds of $3.19 million for the Shanghai-based company, which provides AI-integrated solutions for energy grids and transportation systems. The board of directors approved the transaction, with closing expected to occur on the same date as the agreement signing.

U Power plans to use the proceeds to support expansion in new and existing markets, enhance core operations, and accelerate deployment of its battery-swapping solutions. The company operates in the electric vehicle infrastructure space with its proprietary UOTTA modular battery-swapping technology.

"We deeply value the continued support of our shareholders and are especially encouraged by their participation in this transaction," said Johnny Lee, founder and chief executive officer.

The shares were offered in an offshore transaction to non-U.S. persons under Regulation S of the Securities Act of 1933. The securities have not been registered under the Securities Act and may not be offered or sold in the United States without registration or an applicable exemption.

U Power filed additional details regarding the transaction in a Form 6-K with the Securities and Exchange Commission. The company has evolved from a battery-swapping station distributor to a provider of AI-integrated solutions that connect electric vehicles with energy infrastructure.

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