U Power Limited (NASDAQ:UCAR) shares are surging on Thursday in the premarket session.
The company appointed Jean Christophe von Pfetten as an independent director and a member of the Board’s Audit Committee, Compensation Committee, and Nominating and Corporate Governance Committee, effective February 1, 2024.
The new appointment came after Bo Lyu resigned from the company’s board of directors on January 31, 2024.
The share price upswing comes after a substantial dip of almost 100% in U Power’s shares over the last year.
Last month, the company received a warning letter (dated January 19) from the Listing Qualifications Department of The Nasdaq Stock Market LLC, indicating that it is not in compliance with the minimum bid price requirement.
On February 6, the firm signed a memorandum of understanding with Cornerstone Technologie in Hong Kong to explore and develop a strategic business relationship jointly.
“Through this collaboration, we believe our battery swapping stations will gain increased visibility in our target markets,” Jia Li, Chief Executive Officer and Chairman of the company, commented.
Price Action: UCAR shares are trading higher by 47.95% to $0.0975 premarket on the last check Thursday.
