U Power Ltd (NASDAQ:UCAR) shares are trading higher Monday. The stock has been extremely volatile in recent sessions and the company on Monday announced the closing of its IPO.
What To Know: U Power debuted on the Nasdaq last week opening for trading at $8.10 after pricing its IPO at $6 per share. The stock soared more than 1,000%, trading as high as $75 per share before pulling back.
The stock ran into selling pressure and continued to trend lower into the end of the week. It’s continuing to see high volatility on above-average volume Monday.
U Power said it generated gross proceeds of $14.5 million from its IPO. Proceeds will be used for developing and marketing UOTTA-powered EVs, manufacturing and developing battery-swap stations and developing and upgrading technologies, as well as for working capital purposes.
U Power is a low-float stock with approximately 7.4 million shares outstanding. The company is a vehicle sourcing services provider that aims to become an EV market player primarily focused on battery-swapping technology.
See Also: What’s Going On With Mullen Automotive Stock Monday?
UCAR Price Action: U Power shares were up 6.26% at $8.25 at time of publication, according to Benzinga Pro.
This illustration was generated using artificial intelligence via MidJourney.
