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U Power Limited (NASDAQ:UCAR) shares are trading higher in the premarket session on Friday. The upswing comes after a massive decline of around 45% in last one month.
Today, the company entered into a memorandum of understanding with Durapower Holdings, a Singapore-based lithium-ion battery manufacturer.
Under the MOU, U Power and Durapower plan to jointly explore battery swapping tech for EVs, ships, mining trucks, and urban cold chain vehicles.
They aim to establish a “battery banking” model and market the technology in Singapore and beyond.
The company recently received a delisting notice from the Nasdaq Stock Market due to its ordinary shares’ closing bid price falling below $0.10 for ten consecutive trading days, as per the Low Priced Stocks Rule.
Additionally, the company failed to meet the requirement of maintaining a closing bid price of $1.00 or higher, as mandated by the Minimum Bid Price Rule.
The company said earlier that it plans to appeal this determination to a Hearings Panel, which would temporarily halt the suspension and delisting process.
Regarding the latest development, Jia Li, Chief Executive Officer and Chairman of the Board of Directors of the Company, commented, “We believe this collaboration can help drive the advancement of scalable and sustainable new applications for battery swapping technology.”
Price Action: UCAR shares are trading higher by 6.06% to $0.07 premarket on the last check Friday.
Posted In: UCAR
