U Power Announces Pricing of $5.0 Million Registered Direct Offering

Core Viewpoint - U Power Limited has entered into a securities purchase agreement to sell 1,041,668 Class A ordinary shares and issue warrants for an additional 1,562,502 shares, aiming to raise approximately $5.0 million through this offering [1][2]. Group 1: Offering Details - The effective offering price for each Class A ordinary share and accompanying warrant is set at $4.80 [1]. - The warrants are immediately exercisable, expire five years from issuance, and have an initial exercise price of $4.80 per share, subject to standard adjustments [1]. - The offering is expected to close on or about January 27, 2025, pending customary closing conditions [2]. Group 2: Existing Warrants Amendment - Existing Series A warrants, which allow the purchase of approximately 100,000 Class A ordinary shares at an exercise price of $120.00, will be amended to an exercise price of $4.80 upon the closing of the offering [3]. Group 3: Regulatory Compliance - The Class A ordinary shares are being offered under a shelf registration statement on Form F-3, effective since November 8, 2024 [4]. - The warrants issued in the private placement have not been registered under the Securities Act or applicable state securities laws [4]. Group 4: Company Overview - U Power Limited is focused on becoming a comprehensive EV battery power solution provider in China, primarily through its proprietary battery-swapping technology [6]. - The company has established a vehicle sourcing network in lower-tier cities in China and operates a manufacturing factory in Zibo City, Shandong Province [6].