U Power announces subscription agreements to sell shares for $3.19M

U Power (UCAR) announced that on April 7, it entered into subscription agreements with seven purchasers, for the sale of 2,900,000 Class A Ordinary Shares of the Company at $1.10 per Share. Gross proceeds to the Company from this Transaction will be $3.19M The closing of the Transaction contemplated hereby is expected to take place on or about April 7, 2026, and has been approved by the Company’s board of directors. The Company intends to use the proceeds from this Transaction to support its expansion across both new and existing key markets, enhance and scale its core operations, and accelerate the deployment of its proprietary battery-swapping solutions. Additional details regarding the Transaction are set forth in the Company’s Current Report on Form 6-K filed with the SEC on April 7. The Shares issued in the Transaction were offered in an offshore transaction to persons who are not U.S. persons pursuant to Regulation S under the Securities Act of 1933.