Chinese language EV battery-swapping tech developer U Energy (UCAR) has set phrases for a proposed $18M US preliminary public providing.
U Energy now plans to supply 2.5M shares costs between $6 and $8, which might elevate round $18M if priced on the midpoint. AMTD World Markets and WestPark Capital are serving as lead bookrunners.
The corporate hopes to checklist its shares on Nasdaq below the image UCAR.
Integrated within the Cayman Islands, U Energy conducts enterprise by way of working entities in China. The corporate has been primarily engaged in brokering auto gross sales between wholesalers and patrons, however started shifting its focus to creating battery-swapping know-how for EVs in 2020.