03:40 PM EDT, 03/20/2026 (MT Newswires) -- U Power ( UCAR ) said Friday it has closed its underwritten public offering of 13.4 million units at $0.449 apiece, for gross proceeds of $6 million.

Each unit consists of one Class A ordinary share and one Class A warrant, the company said.

The company said the warrants may be exercised in whole or partially through a zero exercise price option, with the holders receiving twice the number of Class A shares issuable upon a cash exercise of the warrant, without additional payment.

The company has given the underwriter a 45-day option to buy up to an additional 2 million Class A ordinary shares and/or warrants, or any combination thereof. On Friday, the underwriter partially exercised this option by purchasing 1.89 million warrants, the company added.

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