U Power Limited Announces Private Placement of $25.7 Million

Rhea-AI Summary

U Power (Nasdaq: UCAR) entered subscription agreements on April 27, 2026 to sell 15,670,737 Class A shares at $1.64 per share in a Regulation S private placement, raising $25.7 million. The board approved the transaction; closing is expected on or about April 27, 2026.

The company said proceeds will mainly fund a planned strategic joint venture for hydrogen energy in Thailand and support overseas expansion of battery‑swapping projects, including heavy trucks in Thailand, electric vans in Southern Europe, and a taxi project in Hong Kong. Founder and CEO Johnny Lee subscribed for $3.0 million; the audit committee reviewed this related‑party participation.

Positive

• Gross proceeds of $25.7 million
• Founder participation: Johnny Lee subscribed $3.0 million (alignment signal)
• Proceeds earmarked for hydrogen IDC JV and overseas battery‑swapping expansion

Negative

• Share issuance: 15,670,737 new Class A shares (potential dilution)
• Offshore-only sale under Regulation S; Shares not registered for U.S. resale
• Closing subject to customary conditions (not yet final)

News Market Reaction – UCAR

+10.37%

54 alerts

+10.37% Session close to close

+56.3% Peak Tracked

-10.3% Trough Tracked

$5.76M Market Cap

0.7x Rel. Volume

In the Apr 27 session, UCAR gained 10.37%, reflecting a significant positive market reaction. Argus tracked a peak move of +56.3% during that session. Argus tracked a trough of -10.3% from its starting point during tracking. Our momentum scanner triggered 54 alerts that day, indicating high trading interest and price volatility.

Data tracked by StockTitan Argus on the day of publication.

Market Context

The stock surged +10.4% in the session following this news. A strong positive reaction aligns with U...

Analysis

The stock surged +10.4% in the session following this news. A strong positive reaction aligns with UCAR’s history of sharp moves around capital raises and strategic updates, as seen with prior news moves of 62.73% and 331.63%. The $25.7 million private placement at $1.64 with strategic and insider participation bolsters funding for international battery-swapping and hydrogen initiatives. However, repeated equity issuance and past dilutive structures mean investors would need to watch future financing terms and overall share count closely.

Key Figures

Gross proceeds: $25.7 million Shares sold: 15,670,737 shares Offering price: $1.64 per share +5 more

8 metrics

Gross proceeds $25.7 million Private placement announced April 27, 2026

Shares sold 15,670,737 shares Class A Ordinary Shares in private placement

Offering price $1.64 per share Private placement subscription price

CEO subscription $3.0 million Johnny Lee’s Class A Ordinary Share purchase

Fortune Light subscription $2.0 million Fortune Light Assets Ltd participation

Guofu Hydrogen subscription $3.6 million Guofu Hydrogen Energy (Hong Kong) participation

Number of purchasers 10 purchasers Participants in the private placement

Closing date expectation April 27, 2026 Expected closing of the Transaction, subject to conditions

Historical Context

5 past events · Latest: Apr 07 (Positive)

Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Apr 07	Private subscription	Positive	+331.6%	Reg S share subscription raising $3.19M to fund expansion.
Apr 02	Commercial expansion	Positive	+9.5%	Order for 1,000 heavy-duty trucks in Thailand and rollout plans.
Mar 20	Offering closing	Negative	+4.2%	Closing of $6.0M underwritten public offering of 13,360,000 Units.
Mar 19	Offering pricing	Negative	-65.1%	Pricing of $6.0M public Unit offering with dilutive warrants.
Mar 17	Operational milestone	Positive	+62.7%	Completion of 30 battery-swapping heavy trucks for Thailand pilot.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

UCAR has shown large, often positive price swings around both financings and operational milestones, with one notable selloff on an offering pricing announcement.

Recent Company History

Over the last six weeks, UCAR combined repeated equity financings with operational progress in its battery-swapping business. On Mar 17, it completed 30 heavy trucks for a Thailand pilot, and on Apr 2 it disclosed a 1,000-truck order, both followed by strong gains. A $6.0M offering priced on Mar 19 saw a sharp drop, while the Apr 7 $3.19M subscription deal coincided with a large rally. Today’s private placement continues this pattern of frequent capital raises alongside expansion plans.

Key Terms

private placement, regulation s, related-party transaction

3 terms

private placement financial

"Announces Private Placement of $25.7 Million"

A private placement is a sale of securities directly to a selected group of investors, typically institutions or accredited investors, instead of through a public offering. It lets a company raise money faster and with fewer regulatory steps; for existing shareholders it matters because the newly issued shares, often sold at a discount, increase the share count and can dilute their ownership.

regulation s regulatory

"in reliance upon Regulation S under the Securities Act of 1933"

Regulation S is a set of rules that allows companies to sell securities (like shares or bonds) to investors outside the United States without having to follow all U.S. securities laws. It matters because it makes it easier for companies to raise money from international investors while still complying with U.S. regulations.

related-party transaction financial

"The subscription by Mr. Lee, as a related-party transaction, has been reviewed"

A related-party transaction is a deal, payment or transfer of value between a company and people or entities closely connected to its managers, directors or major owners—think of a business hiring a company owned by the CEO’s sibling. Investors care because such deals can be biased, overprice goods or hide conflicts of interest, affecting profits and trust; clear disclosure and fair terms help ensure the company is run in shareholders’ best interest.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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SHANGHAI, April 27, 2026 /PRNewswire/ -- U Power Limited (Nasdaq: UCAR) (the "Company" or "U Power"), a provider of AI-integrated solutions for next-generation energy grids and intelligent transportation systems, today announced that on April 27, 2026, it entered into subscription agreements (the "Subscription Agreements") with ten purchasers, including Founder and Chief Executive Officer Johnny Lee, for the sale of 15,670,737 Class A Ordinary Shares (each, a "Share" and collectively, the "Shares") of the Company at $1.64 per Share, in reliance upon Regulation S under the Securities Act of 1933, as amended (the "Transaction").

Purchasers of the Shares also include Fortune Light Assets Ltd, a family office of Chatchaval Jiaravanon and a member of The Charoen Pokphand Group Company (CP Group); as well as Guofu Hydrogen Energy (Hong Kong) Development Co., Limited (HKSE: 2582), a leading integrated solutions provider for the full hydrogen energy equipment value chain in China. Specifically, Mr. Lee, Fortune Light Assets Ltd, and Guofu Hydrogen Energy (Hong Kong) Development Co., Limited have subscribed for $3.0 million, $2.0 million, and $3.6 million of the Company's Class A Ordinary Shares, respectively.

Gross proceeds to the Company from this Transaction will be $25.7 million. The closing of the Transaction contemplated hereby is subject to customary closing conditions and is expected to take place on or about April 27, 2026, and has been approved by the Company's board of directors. The subscription by Mr. Lee, as a related-party transaction, has been reviewed and approved by the Company's audit committee. The Company intends to use the proceeds from this Transaction mainly to 1) support its expansion into hydrogen energy solutions for Intelligent Data Centers (IDCs) in Thailand through establishing a strategic joint venture, and 2) fund its core operations and expansion across overseas markets of U Power's proprietary battery-swapping solutions, including U Power's battery-swapping heavy truck project in Thailand, electric van project in Southern Europe, as well as the taxi project in Hong Kong SAR.

Additional details regarding the Transaction are set forth in the Company's Current Report on Form 6-K filed with the U.S. Securities and Exchange Commission on April 27, 2026.

The Shares issued in the Transaction were offered in an offshore transaction to persons who are not U.S. persons pursuant to Regulation S under the Securities Act of 1933, as amended (the "Securities Act"), and have not been registered under the Securities Act or applicable state securities laws. Accordingly, the Shares may not be offered or sold in the United States or to U.S. persons except pursuant to an effective registration statement under the Securities Act, or pursuant to an available exemption from, or in a transaction not subject to, the registration requirements of the Securities Act, and in each case only in accordance with applicable state securities laws.

This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of the securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction.

About U Power Limited

U Power is a provider of comprehensive AI-integrated energy solutions that connect electric vehicles (EVs) with advanced energy infrastructure, optimizing both mobility and grid performance. Originally a distributor of various battery-swapping station models built on its proprietary modular battery-swapping technology UOTTA™, U Power has evolved into a provider of AI-integrated solutions for energy grids and transportation systems.

Through investments in next-generation technologies, U Power is building intelligent ecosystems that integrate resilient AI-driven solutions able to transform EVs into dynamic energy assets. By incorporating AI algorithms, U Power's comprehensive solutions for smart energy grids are designed to support autonomous EV driving, optimize energy replenishment efficiency, and seamlessly connect EV assets with advanced AI-powered transportation systems, enabling peak and off-peak energy load balancing.

For more information, please visit the Company's website: https://www.upower-limited.com/.

Safe Harbor 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 statements and other filings with the U.S. Securities and Exchange Commission. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. References and links (including QR codes) to websites have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release.

Contact

U Power Limited 
Investor Relations Department
ir@upincar.com

The Equity Group
Lena Cati, Senior Vice President
212-836-9611 / lcati@theequitygroup.com

Alice Zhang, Associate
212-836-9610 / azhang@theequitygroup.com

View original content:https://www.prnewswire.com/news-releases/u-power-limited-announces-private-placement-of-25-7-million-302754406.html

SOURCE U Power Limited

FAQ

What did U Power (UCAR) announce on April 27, 2026 about a private placement?

U Power announced a Regulation S private placement raising $25.7 million by selling 15,670,737 Class A shares at $1.64 each. According to the company, the board approved the transaction and closing is expected on or about April 27, 2026, subject to customary conditions.

How will U Power (UCAR) use the $25.7 million from the April 2026 placement?

The company intends to use proceeds mainly for a hydrogen energy joint venture in Thailand and to expand battery‑swapping projects overseas. According to the company, funds will support an IDC hydrogen JV and projects in Thailand, Southern Europe, and Hong Kong.

Did U Power (UCAR) disclose any related‑party participation in the April 27, 2026 placement?

Yes. Founder and CEO Johnny Lee subscribed for $3.0 million of the placement, a related‑party subscription reviewed by the audit committee. According to the company, the audit committee reviewed and approved the related‑party participation.

Are the new U Power (UCAR) shares from the private placement available to U.S. investors?

No. The Shares were offered offshore under Regulation S and are not registered under the Securities Act for U.S. persons. According to the company, they may not be offered or sold in the United States or to U.S. persons without registration or an available exemption.

How many shares did U Power (UCAR) issue and at what price in the April 2026 offering?

U Power issued 15,670,737 Class A shares at $1.64 per share in the private placement. According to the company, the offering raised gross proceeds of $25.7 million and involved ten purchasers including strategic investors and the CEO.