U Power Limited (NASDAQ: UCAR) stock dips following news of a partnership with Durapower Holdings, a Singapore-based lithium-ion battery manufacturer.
U Power (UCAR) and Durapower Holdings have signed a memorandum of understanding (MOU) to explore various aspects of battery-swapping technology applications. This partnership will focus on electric vehicles and ships for medium- and short-distance transportation, mining trucks for ore transfer, and logistical vehicles involved in urban cold chain distribution.
U Power and Durapower also plan to collaborate in establishing a “battery banking” business model centered around intelligent battery-swapping technology. In addition, they aim to join forces in marketing initiatives to raise awareness of this technology in Singapore and beyond.
The Company’s Chief Executive Officer and Chairman of the Board of Directors, Mr. Jia Li, remarked,
“We believe this collaboration can help drive the advancement of scalable and sustainable new applications for battery swapping technology. We are eager to leverage Durapower’s industry knowledge and resources and are excited to work together to achieve future success.”
The Nasdaq Stock Market recently served a delisting notice to U Power. The reason was the closing bid price of its common shares, which fell below $0.10 for ten consecutive trading days, as per the Low-Priced Stocks Rule. Moreover, the company failed to maintain a closing bid price of $1.00 or more, a requirement set by the Minimum Bid Price Rule.
The company has announced its plan to challenge this decision before a Hearings Panel. This action would provisionally pause the suspension and delisting procedure.
U Power (NASDAQ: UCAR) Stock Performance
UCAR stock dropped 3.07% in the pre-market trading on Monday after closing at $0.08 on Friday. The traders had exchanged hands with 79,255,462 (79.25 million) shares compared to the average daily trading volume of 26.37 million.
