UCAR · U Power Limited

U Power Limited executed subscription agreements dated April 27, 2026, with ten non-U.S. purchasers for the issuance of 15,670,737 Class A Ordinary Shares at $1.64 per share, generating $25.7 million in gross proceeds. This Regulation S private placement includes significant participation from insiders and strategic investors: CEO Johnny Lee ($3 million), Fortune Light Assets Ltd (a family office linked to CP Group, $2 million), and Guofu Hydrogen Energy ($3.6 million), a hydrogen energy firm listed on HKSE. The transaction, approved by the board and audit committee for the related-party portion, closes on or about the execution date with payment to East West Bank and share delivery within five business days. Purchasers receive demand registration rights for resale via Form F-1 or F-3, with timing restrictions on half the shares for six months. The company warrants full authorization, no material litigation, and compliance with SEC filings. Proceeds target high-growth areas: a Thailand joint venture for hydrogen solutions serving Intelligent Data Centers and global expansion of proprietary UOTTA™ battery-swapping technology, including heavy trucks in Thailand, electric vans in Southern Europe, and taxis in Hong Kong SAR. This capital infusion bolsters U Power's shift from battery-swapping distribution to AI-integrated energy grid solutions, enhancing EV-grid connectivity and load balancing capabilities amid next-generation energy demands.