U Power Limited Receives Nasdaq Delisting Notification And Intends To Appeal
Portfolio Pulse from Benzinga Newsdesk
U Power Limited (NASDAQ:UCAR), a provider aiming to become a comprehensive EV battery solution provider in China, received a Nasdaq delisting notification due to its shares closing at $0.10 or less for ten consecutive days, violating the Low Priced Stocks Rule. Additionally, it fails to meet the Minimum Bid Price Rule with shares below $1.00. U Power plans to appeal this decision to a Hearings Panel on February 21, 2024, to prevent suspension and delisting scheduled for February 23, 2024. The company is considering options, including a reverse share split, to regain compliance.
February 20, 2024 | 10:06 pm
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U Power Limited faces potential delisting from Nasdaq due to non-compliance with the Low Priced Stocks Rule and the Minimum Bid Price Rule. The company plans to appeal the decision and may consider a reverse share split to regain compliance.
The notification of delisting due to the violation of Nasdaq's Low Priced Stocks Rule and Minimum Bid Price Rule significantly impacts U Power's stock. The appeal process and potential reverse share split indicate attempts to regain compliance, but the uncertainty and negative perception surrounding delisting notices typically lead to downward pressure on the stock price in the short term.
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