U Power Limited Announces Pricing of $6.0 Million Public Offering

SHANGHAI, March 19, 2026 /PRNewswire/ -- U Power Limited (Nasdaq: UCAR) (the "Company" or "U Power"), a provider of AI-integrated solutions for next-generation energy grids and intelligent transportation systems, today announced the pricing of an underwritten public offering of 13,360,000 Units, on a firm commitment basis, at a price to the public of $0.449 per Unit. 

Each Unit consists of one Class A ordinary share, par value $0.00001 per share (each, a "Class A Ordinary Share," and collectively, the "Class A Ordinary Shares"), and one Class A warrant (each, a "Warrant," and collectively, the "Warrants"). Each Warrant will expire one year from the date of issuance, and is exercisable immediately on the date of issuance at the initial exercise price of US$0.449 per share, subject to adjustment on the 2nd and 5th trading days following the closing of this Offering to the price that is equal to 70% and 50%, respectively, of the initial exercise price of the Warrants, and the number of Class A Ordinary Shares underlying the Warrants will be proportionately increased. The Warrants may, at any time following the closing of the Offering and in the holders' sole discretion, be exercised in whole or in part by means of a zero exercise price option, in which the holders will receive twice the number of Class A Ordinary Shares that would be issuable upon a cash exercise of the Warrant, without payment of additional consideration. 

The Company has granted the underwriter a 45-day option to purchase up to an additional 2,004,000 Class A Ordinary Shares and/or additional 2,004,000 Warrants, or any combination thereof, as determined by the underwriter, at its respective public offering price less underwriting discounts and commissions.

The gross proceeds from the offering, before deducting underwriting discounts and other offering expenses, and excluding any proceeds from exercise of the Warrants, are expected to be approximately $6.0 million. The closing of the offering is expected to occur on or about March 20, 2026, subject to the satisfaction of customary closing conditions. 

Maxim Group LLC is acting as the exclusive underwriter for the offering.

The securities described above are being offered pursuant to a registration statement on Form F-1 (File No. 333-294161) initially publicly filed with the U.S. Securities and Exchange Commission (the "SEC") on March 10, 2026, under the Securities Act of 1933, as amended (the "Registration Statement"), which was declared effective by the SEC on March 18, 2026. The offering is being made only by means of a prospectus which forms a part of the effective registration statement. A preliminary prospectus relating to the offering has been filed with the SEC, and a final prospectus relating to the offering will be filed with the SEC before closing of the offering.

U Power is a provider of comprehensive AI-integrated energy solutions that connect electric vehicles (EVs) with advanced energy infrastructure, optimizing both mobility and grid performance. Originally a distributor of various battery-swapping station models built on its proprietary modular battery-swapping technology UOTTA™, U Power has evolved into a provider of AI-integrated solutions for energy grids and transportation systems.

Through investments in next-generation technologies, U Power is building intelligent ecosystems that integrate resilient AI driven solutions able to transform EVs into dynamic energy assets. By incorporating AI algorithms, U Power's comprehensive solutions for smart energy grids are designed to support autonomous EV driving, optimize energy replenishment efficiency, and seamlessly connect EV assets with advanced AI-powered transportation systems, enabling peak and off-peak energy load balancing.

 

Investor Relations Department

SOURCE U Power Limited