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U Power Ltd. (NASDAQ:UCAR) shares are trending on Thursday.
Shares of the Chinese battery-swapping company surged 26.89% to $3.02, extending its intraday rally to 331.63% after the company announced a $3.19 million capital raise through a private placement.
According to Benzinga Pro data, the stock closed the regular session at $2.38,
$3.19M Offshore Share Sale Fuels Expansion Push
On Tuesday, UCAR entered subscription agreements with seven purchasers to sell 2.9 million Class A shares at $1.10 per share. The transaction was structured under Regulation S of the Securities Act of 1933, allowing the company to raise capital from non-U.S. investors without immediate …
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