U Power Limited Received Notification of Non-Compliance from Nasdaq Regarding Timely Filing of its Annual Report on Form 20-F
24 Mayo 2023 - 7:00AM
U Power Limited (Nasdaq: UCAR) (the “Company” or “U Power”), a
vehicle sourcing services provider with a vision to becoming a
comprehensive EV battery power solution provider in China, today
announced that it received a notice of non-compliance from Nasdaq
Stock Market LLC (“Nasdaq”) on May 19, 2023, stating that, as a
result of not timely filing its annual report on Form 20-F for the
year ended December 31, 2022, the Company is not in compliance with
Nasdaq Listing Rule 5250(c)(1), which requires timely filing of
periodic financial reports with the U.S. Securities and Exchange
Commission (the “SEC”). This notice has no immediate effect on the
listing or trading of the Company’s ordinary shares on the Nasdaq.
Under Nasdaq’s listing rules, the Company has 60
calendar days to submit a plan to regain compliance. If the plan is
accepted by Nasdaq, the Company can be granted up to 180 calendar
days from the Form 20-F’s due date, or until November 13, 2023, to
regain compliance.
About U Power
Limited
U Power Limited is a vehicle sourcing services
provider, with a vision to becoming an electric vehicle (EV) market
player primarily focused on its proprietary battery-swapping
technology, or UOTTA technology, which is an intelligent modular
battery-swapping technology designed to provide a comprehensive
battery power solution for EVs. Since its operation in 2013, the
Company has established a vehicle sourcing network in China's
lower-tier cities. The Company has developed two types of
battery-swapping stations for compatible EVs and is operating one
manufacturing factory in Zibo City, Shandong Province, China. For
more information, please visit the Company's website:
http://ir.upincar.com/.
Forward-Looking Statements
This press release contains “forward-looking
statements”. Forward-looking statements reflect our current view
about future events. These forward-looking statements involve known
and unknown risks and uncertainties and are based on the Company’s
current expectations and projections about future events that the
Company believes may affect its financial condition, results of
operations, business strategy and financial needs. Investors can
identify these forward-looking statements by words or phrases such
as “may,” “will,” “could,” “expect,” “anticipate,” “aim,”
“estimate,” “intend,” “plan,” “believe,” “is/are likely to,”
“propose,” “potential,” “continue” or similar expressions. The
Company undertakes no obligation to update or revise publicly any
forward-looking statements to reflect subsequent occurring events
or circumstances, or changes in its expectations, except as may be
required by law. Although the Company believes that the
expectations expressed in these forward-looking statements are
reasonable, it cannot assure you that such expectations will turn
out to be correct, and the Company cautions investors that actual
results may differ materially from the anticipated results and
encourages investors to review other factors that may affect its
future results in the Company's registration statement and other
filings with the SEC.
For investor and media inquiries, please
contact:
U Power LimitedInvestor Relations
DepartmentEmail: ir@upincar.com
Ascent Investor Relations LLCTina XiaoTel: +1
(917) 609 0333Email: tina.xiao@ascent-ir.com
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