Published: April 24, 2023 at 1:43 PM ET
By ChrisWack
The shares of U Power Ltd. fell 8% to $7.19 on Monday, two sessions after the IPO.
The stock ended Friday down 82% after closing at $43.18 a share on Thursday. The stock was trading as low as $75 a share on Thursday.
The…
By ChrisWack
The shares of U Power Ltd. fell 8% to $7.19 on Monday, two sessions after the IPO.
The stock ended Friday down 82% after closing at $43.18 a share on Thursday. The stock was trading as low as $75 a share on Thursday.
The Shanghai-based company, which bills itself as an electric vehicle procurement service provider, priced its IPO of 2.4 million common shares at $6 a share on Thursday. The offer ended on Monday.
U Power said it received $14.5 million in proceeds to use for working capital purposes and to manufacture, develop and modernize battery swapping stations for electric vehicles.
Write to Chris Wack at [email protected]
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