U Power Raises $3.19M Through Offshore Placement of 2.9M Shares at $1.10
U Power sold 2.9 million Class A shares at $1.10 apiece in a Regulation S offshore placement, generating $3.19 million in gross proceeds. The company will deploy funds to expand in key markets, scale core operations and accelerate its modular AI-driven battery-swapping solutions.
1. Subscription Transaction Details
U Power entered subscription agreements with seven investors on April 7 to sell 2,900,000 Class A Ordinary Shares at $1.10 per share, raising $3.19 million in gross proceeds. The company’s board has approved the closing, which is expected on or about April 7, 2026.
2. Use of Proceeds
U Power will allocate the proceeds to support expansion in new and existing key markets, enhance and scale core operations, and accelerate deployment of its proprietary AI-driven battery-swapping solutions.
3. Offshore Regulation S Placement
The transaction was conducted as an offshore offering under Regulation S to non-U.S. investors, with shares not registered under the Securities Act and restricted from U.S. persons absent an effective registration statement or exemption.