U Power Limited, a Cayman Islands exempted company, has entered into a material definitive agreement with Big Benefit Ltd., a Hong Kong-based company, on May 23, 2024. Under the terms of the subscription agreement, Big Benefit Ltd. has agreed to purchase 419,289 ordinary shares of U Power at a price of $4.77 per share, amounting to a total purchase price of approximately $2 million. The transaction is set to close on June 10, 2024, with the purchaser gaining the right to one demand registration for the shares, which will expire six months post the execution date of the agreement. The deal has received approval from U Power's board of directors. The full details of the subscription agreement are included as Exhibit 10.1 in the report filed with the SEC.

U Power Limited, a Cayman Islands exempted company, has entered into a material definitive agreement with Big Benefit Ltd., a Hong Kong-based company, on May 23, 2024. Under the terms of the subscription agreement, Big Benefit Ltd. has agreed to purchase 419,289 ordinary shares of U Power at a price of $4.77 per share, amounting to a total purchase price of approximately $2 million. The transaction is set to close on June 10, 2024, with the purchaser gaining the right to one demand registration for the shares, which will expire six months post the execution date of the agreement. The deal has received approval from U Power's board of directors. The full details of the subscription agreement are included as Exhibit 10.1 in the report filed with the SEC.