U Power completes $6 million public offering of units

U Power Limited (NASDAQ: UCAR) completed an underwritten public offering of 13.36 million units at $0.449 per unit, generating gross proceeds of $6 million before expenses, according to a company statement.

Each unit consists of one Class A ordinary share and one Class A warrant. The warrants expire one year from issuance and are exercisable immediately at $0.449 per share. The exercise price adjusts to 70% of the initial price on the second trading day following closing and to 50% on the fifth trading day, with the number of underlying shares increasing proportionately.

The warrants include a zero exercise price option allowing holders to receive twice the number of shares that would be issuable upon cash exercise without additional payment.

U Power granted underwriter Maxim Group LLC a 45-day option to purchase up to 2.004 million additional Class A ordinary shares and/or warrants. The underwriter partially exercised this option for 1.89 million warrants on March 20, 2026.

The offering was conducted under a registration statement on Form F-1 filed with the Securities and Exchange Commission on March 10, 2026, which became effective March 18, 2026.

Shanghai-based U Power provides AI-integrated solutions for energy grids and intelligent transportation systems. The company originally distributed battery-swapping stations built on its UOTTA technology and has expanded into AI-integrated energy and transportation solutions.

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