- U Power Limited UCAR stock is trading lower after the battery-swapping tech company launched its initial public offering on April 20.
- The company announced the pricing of its initial public offering of 2.42 million ordinary shares at a public price of $6 a piece on Thursday, following which shares soared as high as $75 before closing at $43.18.
- The gross proceeds of the offering are expected to be approximately $14.50 million. Net proceeds from the offering will be used for developing and marketing UOTTA-powered EVs.
- Based in China, U Power has the vision to become a comprehensive EV battery power solution provider.
- Price Action: UCAR shares are trading lower by 65.20% at $15.01 on the last check Friday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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