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U Power Ltd. (NASDAQ:UCAR) shares remain a primary focus for retail traders this Friday. The stock continues to exhibit high volatility following a massive 331.6% peak recorded on Wednesday.
Private Placement Fuels Momentum
The rally follows a Tuesday announcement regarding a $3.19 million capital raise. U Power entered subscription agreements with seven purchasers to sell 2.9 million Class A shares. The deal priced shares at $1.10 each.
Strategic Use Of Capital
The China-based company plans to scale operations immediately. Proceeds will fund market expansion and its proprietary battery-swapping infrastructure. U Power is also involved in vehicle sourcing and new energy vehicle development.
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