U Power Limited Receives Nasdaq Delisting Notification and Intends to Appeal

Core Viewpoint - U Power Limited has received a delisting notification from Nasdaq due to its ordinary shares closing at $0.10 or less for ten consecutive trading days, which violates the Low Priced Stocks Rule [1][2] Group 1: Delisting Notification - The Company was notified on February 14, 2024, about the determination to delist its ordinary shares from Nasdaq due to a closing bid price of $0.10 or less [1] - The Company also fails to meet the Minimum Bid Price Rule, which requires a closing bid price of $1.00 or higher, and received a notice regarding this on January 19, 2024 [2] Group 2: Appeal Process - The Company plans to appeal Nasdaq's determination to a Hearings Panel on February 21, 2024, which will stay the suspension of its ordinary shares pending the Panel's decision [2] Group 3: Compliance Measures - The Company intends to monitor the closing bid price of its ordinary shares and may consider options such as a reverse share split to regain compliance with Nasdaq Listing Rules [3] Group 4: Company Overview - U Power Limited is a vehicle sourcing services provider aiming to become a comprehensive EV battery power solution provider in China, focusing on its proprietary battery-swapping technology [4] - The Company has established a vehicle sourcing network in China's lower-tier cities and operates a manufacturing factory in Zibo City, Shandong Province [4]