U Power Limited, a Cayman Islands-incorporated company listed on the Nasdaq under the ticker symbol UCAR, has announced an upcoming Extraordinary General Meeting (EGM) to be held on March 25, 2024. The primary agenda for the EGM is to vote on a proposed share consolidation, effective March 31, 2024, which will see every 100 ordinary shares of par value US$0.0000001 each consolidated into one ordinary share of par value US$0.00001. This action is in response to a Nasdaq non-compliance notice regarding the minimum bid price requirement, which U Power received on January 13, 2024. The company was given until July 17, 2024, to regain compliance. Additionally, U Power was notified of non-compliance with the Nasdaq's Low Priced Stocks Rule on February 14, 2024, and has appealed the...Show More

U Power Limited, a Cayman Islands-incorporated company listed on the Nasdaq under the ticker symbol UCAR, has announced an upcoming Extraordinary General Meeting (EGM) to be held on March 25, 2024. The primary agenda for the EGM is to vote on a proposed share consolidation, effective March 31, 2024, which will see every 100 ordinary shares of par value US$0.0000001 each consolidated into one ordinary share of par value US$0.00001. This action is in response to a Nasdaq non-compliance notice regarding the minimum bid price requirement, which U Power received on January 13, 2024. The company was given until July 17, 2024, to regain compliance. Additionally, U Power was notified of non-compliance with the Nasdaq's Low Priced Stocks Rule on February 14, 2024, and has appealed the subsequent delisting determination. The hearing for the appeal is scheduled for April 18, 2024. The Board of Directors unanimously recommends shareholders to vote in favor of the share consolidation to avoid potential delisting from Nasdaq, which could negatively impact the stock's liquidity and market price. Shareholders as of the record date, March 4, 2024, are entitled to vote and have been provided with proxy materials and voting instructions. The company has also made its annual report available online, in line with Nasdaq’s Marketplace Rules.