Why U Power Stock (UCAR) Is Getting Obliterated

U Power Ltd UCAR, a company in China focused on vehicle services, is conducting an offering of 10 million units priced at US$1.20 each.

These units consist of shares and warrants, with the goal of raising $12 million. The funds will primarily be used to acquire battery swapping companies and for general corporate needs.

The offering is expected to close around December 6, pending customary closing conditions.

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According to data from Benzinga Pro, UCAR has a 52-week high of $75.00 and a 52-week low of $0.65.