Univest Securities, LLC Announces Closing of $12 Million Registered Follow-on Offering for its Client U Power Limited. (Nasdaq: UCAR)
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New York, Dec. 06, 2023 (GLOBE NEWSWIRE) -- Univest Securities, LLC (“Univest”), a member of FINRA and SIPC, and a full-service investment bank and securities broker-dealer firm based in New York, today announced the closing of a best-efforts follow-on offering (the “Offering”) of 10,000,000 units at a purchase price of US$1.20 per unit for its client U Power Limited (Nasdaq: UCAR) (the “Company” or “U Power”), a vehicle sourcing services provider with a vision to becoming a comprehensive EV battery power solution provider in China. Each unit consisted of one ordinary share of the Company, one Series A warrant to purchase one ordinary share of the Company, and one Series B warrant to purchase one ordinary share of the Company. The Series A warrants were immediately exercisable and will expire on the fifth anniversary of the original issuance date at an exercise price of US$1.20, and the Series B warrants were immediately exercisable and will expire on the fifth anniversary of the original issuance date at an exercise price of US$1.54.
The Company received aggregate gross proceeds of US$12,000,000 from the Offering, excluding expenses associated with the Offering. Proceeds from the Offering will be used for the merger and acquisition of battery swapping companies, working capital, and other general corporate purposes.
Univest Securities, LLC ("Univest") acted as the placement agent for the Offering. Hunter Taubman Fischer & Li LLC acted as U.S. securities counsel to the Company, and Ortoli Rosenstadt LLP acted as U.S. counsel to Univest in connection with the Offering.
The units were offered pursuant to the Company’s registration statement on Form F-1, which was initially filed with the U.S. Securities and Exchange Commission (the "SEC") on November 20, 2023 (File Number: 333-275654) and was declared effective by the SEC on November 29, 2023. A final prospectus, describing the terms of the Offering and forming a part of the registration statement, was filed with the SEC and made available on the SEC's website at www.sec.gov. Electronic copies of the final prospectus relating to the Offering may be obtained from Univest, Attn: 75 Rockefeller Plaza, Suite 18C, New York, NY 10019, or by email at [email protected],or by calling +1 (212)-343-8888.
This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor will there be any sales of such securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.