What's Going On With EV Battery Company U Power's Stock After IPO?

by Nabaparna Bhattacharya, Benzinga Editor
April 21, 2023 12:06 PM | 1 min read |
  • 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.
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