BEIJING (dpa-AFX) - U Power Limited (UCAR), a China-based vehicle sourcing services provider, Friday has announced a registered direct offering to sell approximately 1.041 million Class A ordinary shares alongwith upto around 1.562 million Class A ordinary shares at a combined price of $4.80 for each share and accompanying warrant.
The company expects to raise approximately $5.0 million in gross proceeds from the offering.
These warrants are immediately exercisable, valid for five years, and have an initial exercise price of $4.80 per share.
The transaction is anticipated to close on or around January 27, 2025.
Currently UCAR is trading at $6.01 or 24.97 percent lower on the Nasdaq Capital Market.
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