Summary by Futu AI
U Power Limited, a Cayman Islands exempted company, has filed a registration statement with the U.S. Securities and Exchange Commission (SEC) on October 8, 2024, for the sale of 628,933 Class A Ordinary Shares by certain selling shareholders. The shares are being offered through a prospectus as part of a registration statement on Form F-3. The selling shareholders, Fortune Light Assets Ltd. and Big Benefit Ltd., are offering the shares for resale, which were previously issued under Regulation S. U Power Limited will not receive any proceeds from the sale of shares by the selling shareholders. The shares may be sold on the Nasdaq Capital Market or through private transactions at prevailing market prices or at negotiated prices. The company has appointed Cogency Global Inc. as its agent for service of process in the United States. U Power Limited is subject to the reporting requirements of the Exchange Act as a foreign private issuer and is exempt from certain SEC rules applicable to domestic U.S. companies.