U Power Limited (NASDAQ:UCAR) (the “Company” or “U Power”), a vehicle sourcing services provider with a vision to becoming a comprehensive EV battery power solution provider in China, today announced that it received a notice of non-compliance from Nasdaq Stock Market LLC (“Nasdaq”) on May 19, 2023, stating that, as a result of not timely filing its annual report on Form 20-F for the year ended December 31, 2022, the Company is not in compliance with Nasdaq Listing Rule 5250(c)(1), which requires timely filing of periodic financial reports with the U.S. Securities and Exchange Commission (the “SEC”). This notice has no immediate effect on the listing or trading of the Company’s ordinary shares on the Nasdaq.
Under Nasdaq’s listing rules, the Company has 60 calendar days to submit a plan to regain compliance. If the plan is accepted by Nasdaq, the Company can be granted up to 180 calendar days from the Form 20-F’s due date, or until November 13, 2023, to regain compliance.
