U Power Limited (UCAR), a Chinese company that provides vehicle sourcing services, announced a 1-for-100 reverse share split on Friday. The company specified that the share consolidation wouldn't result in the issuance of any fractional shares. Instead, any fractional shares resulting from the share consolidation would be rounded up to the nearest whole share.
Starting from the opening of trading on April 3, U Power's shares will trade on a post-consolidation basis under the same symbol, "UCAR", on the Nasdaq, with a new CUSIP number, G9520U116. The primary aim of this share consolidation is to help the company regain compliance with Nasdaq's rules concerning the minimum bid price per share, according to the company.
