U Power Ltd. has announced a $1.4 million registered direct offering involving a securities purchase agreement with an institutional investor. The company plans to sell 551,628 Class A ordinary shares, or pre-funded warrants, and will also issue warrants to purchase an equivalent number of shares in a concurrent private placement. The offering price for each share and accompanying warrant is set at $2.50. The warrants are immediately exercisable, expire in five years, and have an initial exercise price of $2.50 per share, with price adjustments possible for certain events. Gross proceeds from this offering are expected to be approximately $1.4 million before fees and expenses. The transaction is expected to close around July 25, 2025, with Maxim Group LLC acting as the sole placement agent.
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