U Power Ltd UCAR shares are trading higher Monday. The stock has been extremely volatile in recent sessions and the company on Monday announced the closing of its IPO.
What To Know: U Power debuted on the Nasdaq last week opening for trading at $8.10 after pricing its IPO at $6 per share. The stock soared more than 1,000%, trading as high as $75 per share before pulling back.
The stock ran into selling pressure and continued to trend lower into the end of the week. It’s continuing to see high volatility on above-average volume Monday.
U Power said it generated gross proceeds of $14.5 million from its IPO. Proceeds will be used for developing and marketing UOTTA-powered EVs, manufacturing and developing battery-swap stations and developing and upgrading technologies, as well as for working capital purposes.
U Power is a low-float stock with approximately 7.4 million shares outstanding. The company is a vehicle sourcing services provider that aims to become an EV market player primarily focused on battery-swapping technology.
This illustration was generated using artificial intelligence via MidJourney.