U Power prices registered direct offering of shares and warrants at $2.50

U Power (UCAR) Limited announced that it has entered into a securities purchase agreement with a single institutional investor to sell 551,628 Class A ordinary shares or pre-funded warrants in lieu thereof of the company’s in a registered direct offering. In a concurrent private placement, the company also agreed to issue and sell to the Investor warrants to purchase up to 551,628 Class A ordinary shares. The combined effective offering price for each Class A ordinary share and accompanying warrant is $2.50. The warrants which are immediately exercisable, expire five years from issuance, and have an initial exercise price of $2.50 per share, which exercise price is subject to standard adjustments for dividends, splits and similar events and is also subject to adjustment for certain dilutive issuances. The gross proceeds to the company from the registered direct offering and concurrent private placement are estimated to be approximately $1.4M before deducting the placement agent’s fees and other estimated offering expenses payable by the company. Maxim Group is acting as the sole placement agent in connection with the offering.