U Power Ltd. (NASDAQ:UCAR) shares are trending on Thursday.

Shares of the Chinese battery-swapping company surged 26.89% to $3.02, extending its intraday rally to 331.63% after the company announced a $3.19 million capital raise through a private placement.

According to Benzinga Pro data, the stock closed the regular session at $2.38,

$3.19M Offshore Share Sale Fuels Expansion Push

On Tuesday, UCAR entered subscription agreements with seven purchasers to sell 2.9 million Class A shares at $1.10 per share. The transaction was structured under Regulation S of the Securities Act of 1933, allowing the company to raise capital from non-U.S. investors without immediate Securities and Exchange Commission registration, provided shares remain offshore.

The company plans to use the proceeds to fund market expansion, scale operations and accelerate deployment of its proprietary battery-swapping infrastructure.

Earlier in April, UCAR also executed a 10-for-1 reverse stock split, consolidating its share count and adjusting its CUSIP number.

Trading Metrics, Technical Analysis

U Power has a market capitalization of $5.09 million and a 52-week trading range of $0.38 to $49.80.

The stock has a Relative Strength Index (RSI) of 38.88.

Over the past 12 months, the small-cap stock has dropped 91.25%. In contrast, it has risen 349.14% over the past five days.

Currently, the stock is positioned very close to its 52-week low, at roughly 4.05% up in the range.

Benzinga’s Edge Stock Rankings indicate UCAR stock has a negative price trend across all time frames.

Photo Courtesy: thirasap phaknara on Shutterstock.com

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.