0001213900-26-049288
SEC filingU Power Limited filed a notice for an Extraordinary General Meeting on May 19, 2026, to approve an increase in authorized share capital, a share consolidation ratio of 20:1 to 100:1, and amended articles of association.
U Power Limited is soliciting shareholder approval for significant structural changes to its capital structure aimed at addressing Nasdaq listing compliance issues. The primary driver for the meeting is Proposal No. 3, a share consolidation (reverse stock split) with a flexible ratio between 20-for-1 and 100-for-1. The Board is seeking this authority to address deficiencies under Nasdaq Listing Rule 5550(a)(2), which requires a minimum bid price of $1.00 per share. The filing explicitly warns that failure to maintain the listing could negatively impact liquidity, market price, and the Company's ability to raise capital, potentially forcing a move to the OTC Bulletin Board or 'pink sheets'.
Concurrently, the Company proposes a substantial increase in authorized share capital in Proposal No. 1, raising the total authorized capital from US$50,000 to US$315,000. This involves the creation of approximately 2.6 billion new authorized Class A ordinary shares, significantly expanding the potential dilution capacity. Proposal No. 2 seeks to amend the Memorandum and Articles of Association to reflect these capital changes. The Board has unanimously recommended a vote 'FOR' all proposals. The meeting is scheduled for May 19, 2026, with a record date of April 15, 2026.