SHANGHAI, Feb. 20,
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 on February 14, 2024, it
received a notification letter (the "Letter") from the Listing
Qualifications department of the Nasdaq Stock Market LLC ("Nasdaq")
notifying the Company of Nasdaq's determination to delist the
Company's ordinary shares from The Nasdaq Capital Market because
the Company's ordinary shares had a closing bid price of
$0.10 or less for ten consecutive
trading days as of February 13, 2024,
which triggered a notice of delisting pursuant to Nasdaq Listing
Rule 5810(c)(3)(A)(iii) (the "Low Priced Stocks Rule").
In addition to the Low Priced Stocks Rule delisting notice,
the Company also currently fails to satisfy the requirement that
the closing bid price of its ordinary shares remain at $1.00 or higher, as required by Nasdaq Listing
Rule 5550(a)(2) (the "Minimum Bid Price Rule"), and had
received a notice from Nasdaq in that regard on January 19, 2024.
Pursuant to the Letter, unless the Company requests an appeal of
this determination, trading of the Company's common stock will be
suspended at the opening of business on February 23, 2024, and a Form 25-NSE will be
filed with the U.S. Securities and Exchange Commission (the "SEC"),
which will remove the Company's ordinary shares from listing
and registration on the Nasdaq Stock Market.
The Company plans to appeal Nasdaq's determination to a Hearings
Panel (the "Panel") on February 21,
2024. A hearing request will stay the suspension of the
Company's ordinary shares and the filing of the Form 25-NSE pending
the Panel's decision.
The Company intends to monitor the closing bid price of its
ordinary shares and may, if appropriate, consider implementing
available options, including a reverse share split, to regain
compliance with the Nasdaq Listing Rules for continued listing on
Nasdaq.
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 contains "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 SEC.
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
