U Power Announces Closing of $5.0 Million Registered Direct Offering and Concurrent Private Placement

Group 1 - U Power Limited has completed a registered direct offering and concurrent private placement, raising approximately $5.0 million before fees and expenses [2][4] - The offering included 648,000 Class A ordinary shares, Pre-funded Warrants for 393,668 shares, and Common Warrants for 1,562,502 shares, all at a combined price of $4.80 per share [1][2] - The exercise price for the Pre-funded Warrants is set at $0.0001 per share, while the Common Warrants have an exercise price of $4.80 and will expire in five years [1][2] Group 2 - The existing Series A warrants, previously priced at $120.00 per share, have been amended to an exercise price of $4.80 per share [2] - Maxim Group LLC acted as the sole placement agent for the offering [3] - The securities were offered under a shelf registration statement declared effective by the SEC on November 8, 2024, and the Common Warrants were part of a private placement [4] Group 3 - U Power Limited aims to become a comprehensive EV battery power solution provider in China, focusing on 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]