Overview
- UCAR shares, which jumped 142% Wednesday, stretched the rally to roughly 331% intraday Thursday after the $3.19 million raise was disclosed.
- U Power agreed to sell 2.9 million Class A shares at $1.10 each to seven non-U.S. buyers under Regulation S, a rule that lets companies sell offshore without SEC registration.
- The company says it will use the cash to enter more markets, support core operations, and speed the rollout of its battery-swapping sites.
- Earlier in April, UCAR executed a 10-for-1 reverse stock split that reduced the share count without changing the underlying business.
- Despite the spike, UCAR remains a roughly $5.09 million micro-cap near its 52-week low and is down about 91% over the past year.