Summary by Moomoo AI
U Power Limited, a vehicle sourcing services provider aiming to become a comprehensive EV battery power solution provider in China, has announced its compliance with the Nasdaq minimum bid price requirement. The company received a letter from Nasdaq on April 19, 2024, confirming that it meets the continued listing standards under Nasdaq Listing Rule 5550(a)(2). U Power will be monitored for one year to ensure ongoing compliance with the rule. The company, which has been operational since 2013, focuses on its proprietary battery-swapping technology and has established a vehicle sourcing network in China's lower-tier cities. It operates a manufacturing factory in Zibo City, Shandong Province, and has developed two types of battery-swapping stations for compatible EVs. The announcement also contains forward-looking statements regarding the company's future, which involve risks and uncertainties.