Summary by Moomoo AI
U Power Limited, a Shanghai-based technology development company, has entered into a Share Exchange Agreement with Zeng Lingzhi, the owner of Matson (Hong Kong) Industry Co., Limited. The agreement, signed on February 6, 2024, outlines U Power's intention to acquire a 26.25% equity stake in Matson, amounting to 3,560 ordinary shares. In return, U Power will issue 30 million of its own ordinary shares to Zeng Lingzhi, valued at approximately $26.25 million. The completion of this acquisition is subject to a satisfactory due diligence review of Matson by U Power. The transaction was officially reported in a Form 6-K filed with the United States Securities and Exchange Commission for the month of February 2024, with the report signed by Jia Li, CEO of U Power, on February 20, 2024.