WestPark Capital Announces Closing of $14.5 Million IPO for U Power Limited. (NASDAQ:UCAR)

Apr 25, 2023

WestPark Capital, a Los Angeles based international investment bank and securities firm announced today the closing of an initial public offering for U Power Limited (UCAR) a vehicle sourcing services provider with a vision to becoming a comprehensive EV battery power solution provider in China. The offering consisted of 2,416,667 ordinary shares at a public price of US$6.00 per ordinary share. The gross proceeds of the Offering were approximately US$14.50 million, before deducting underwriting discounts and commissions, and other offering expenses. The ordinary shares began trading on the Nasdaq Capital Market on April 20, 2023, under the symbol “UCAR.” Net proceeds from the Offering will be used for developing and marketing UOTTA-powered EVs, manufacturing and developing UOTTA-powered battery-swapping stations, developing and upgrading UOTTA technologies, and working capital purposes.

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