Summary by Moomoo AI
U Power Limited, a foreign private issuer, reported the successful completion of its 2024 Extraordinary General Meeting held on March 25, 2024. The meeting, which took place in Shanghai, China, and was accessible to shareholders via a live audio webcast, saw the adoption of a key resolution regarding a share consolidation. The consolidation, effective March 31, 2024, will convert every 100 existing Ordinary Shares of the company into one Ordinary Share. This move aims to meet Nasdaq's minimum bid price requirement and avoid delisting. Shareholders voted overwhelmingly in favor of the resolution, with 85,961,122 votes for, 6,390,066 against, and 82,478 abstentions. The consolidation will result in approximately 2,460,937 Ordinary Shares outstanding post-effectuation, adjusted for rounding of fractional shares. The company's shares will continue trading on Nasdaq under the ticker 'UCAR' with a new CUSIP number. Shareholders holding shares in electronic form will see the change reflected automatically in their brokerage accounts.