Glonghui, April 25 | Premium Auto (UCAR.US) announced that the company received a letter from NASDAQ on April 19, 2024 informing that it had re-complied with the minimum bid requirements under section 5550 (a) (2) (“Rules”) of the “NASDAQ Listing Rules” in order to continue listing on the NASDAQ capital market. Furthermore, in the application of section 5815 (d) (4) (B) of the Listing Rules, the company will be subject to mandatory panel supervision for a period of one year from the date of dispatch of this letter. If during the one-year monitoring period, NASDAQ finds that the company has broken the rules again, NASDAQ will issue a delisting ruling, and the company will have the opportunity to request a new hearing with the initial panel, or a newly convened hearing team if the initial team is not present.
According to reports, U Power Limited is an automobile procurement service provider. Its vision is to become a participant in the electric vehicle market, focusing mainly on its proprietary battery exchange technology or UOTTA technology, which is an intelligent modular battery exchange technology aimed at providing comprehensive battery power solutions for electric vehicles. Since operating in 2013, the company has established an automobile procurement network in low-tier cities in China. The company has developed two types of battery replacement stations for compatible electric vehicles and operates a manufacturing plant in Zibo, Shandong, China.