U Power Limited (NASDAQ:UCAR) shares surged 58.69% to 0.88 after the bell on Tuesday after entering subscription agreements with seven purchasers to sell 2.9 million Class A shares.
The late-trading session gain follows a 2.11% jump in the regular session, closing at $0.55, according to Benzinga Pro data.
$3.19M Share Sale Supports Market Expansion
On Tuesday, after the market closed, U Power announced the sale of Class A shares at $1.10 per share, generating $3.19 million in gross proceeds. The board approved the transaction, which is expected to close on or about Tuesday.
The Chinese energy technology company plans to use the funds to expand in key markets, scale operations and accelerate deployment of its proprietary battery-swapping solutions.
The shares were offered in an offshore …
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