Exhibit 99.1
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of February 2024
Commission File Number: 001-41679
U Power Limited
2F,
Zuoan 88 A, Lujiazui,
Shanghai, People’s Republic of China
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
Form 20-F ☒ Form 40-F ☐
Entry Into a Material Definitive Agreement
On February 6, 2024, U Power Limited (the “Company”) and Zeng Lingzhi, the sole legal and beneficial owner of MATSON (HONG KONG) INDUSTRY CO., LIMITED (“Matson”), a private company with limited liability incorporated under the laws of Hong Kong engaged in the business of technology development, entered into a Share Exchange Agreement (the “Agreement”). Pursuant to the Agreement, the Company intends to acquire from Mason 3,560 ordinary shares (the “Mason Shares”), which will be issued and allotted by Mason to the Company and represent 26.25% of Mason’s total equity shares (the “Acquisition”). In exchange for the Mason Shares, the Company agreed to issue and allot 30,000,000 ordinary shares of the Company, which were valued at $26,25,000, to Zeng Lingzhi. The proposed acquisition is conditional upon, among other things, the completion of a satisfactory diligence review of Mason by the Company prior to the consummation of the Acquisition.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| U Power Limited | ||
| Date: February 20, 2024 | By: | /s/ Jia Li |
| Name: | Jia Li | |
| Title: | Chief Executive Officer | |
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EXHIBIT INDEX
| Exhibit No. | Description | |
| 99.1 | Share Exchange Agreement entered into by and between U Power Limited and Zeng Lingzhi |
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Exhibit 99.1