SHANGHAI ,
March 29,
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 the Company held an extraordinary general meeting of
shareholders on Monday, March 25,
2024, at which the shareholders approved the proposal for a
1-for-100 reverse share split of the Company's ordinary shares (the
"Share Consolidation"). No fractional shares will be issued in
connection with the Share Consolidation and all fractional shares
(after aggregating all fractional shares that would otherwise be
received by a shareholder) resulting from the Share Consolidation
will be rounded up to the whole number of shares.
At the opening of trading on April 3rd,
2024, the Company's ordinary shares will begin trading on a
post-Share Consolidation basis on the Nasdaq Capital Market under
the same symbol, "UCAR", with a new CUSIP number of G9520U116. The
Share Consolidation is being effectuated primarily to regain
compliance with Nasdaq Marketplace Rule 5550(a)(2) related to the
minimum bid price per share of the Company's ordinary shares.
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