u power ucker Opened its shares for public trading for the first time since it filed for an IPO in December 2022. The company initially agreed to offer 2.42 million shares to the public at $6.00 per share. On its first day of trading, the stock gained 433.09% from its opening price of $8.1 to a closing price of $43.18.
U Power’s performance on the first day of trading
About U Power and its IPO
U Power Limited is a vehicle sourcing service provider with a vision to become an EV market player, primarily focused on its proprietary battery-swapping technology or UOTTA technology, a technology designed to provide a comprehensive battery power solution. Intelligent modular battery-swapping technology. for EVS.
For its IPO, UCAR agreed to offer 2.42 million shares at a price of $6.00 per share with an insider lock-up period of 180 days ending on October 17, 2023.
One Insider lock-up period There is a period after a company first goes public where major shareholders are not allowed to sell their shares. The insider lock-up period ensures that there is no oversupply of company shares in the market.
Traders can short the stock until the lockup-period expiration date, hoping that the price will fall due to an increase in the supply of shares. Retail traders should watch the short interest in this stock as it nears lockup expiry.
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This article was generated by Benzinga’s automated content engine and reviewed by an editor.