U Power (NASDAQ:UCAR) stock is sliding lower on Friday after the company’s stock went public on Thursday.
U Power launched a $14.5 million IPO yesterday that saw it sell 2.41 million shares of UCAR stock at a price of $6 per share. The company intends to use the money from the offering “for developing and marketing UOTTA-powered EVs, manufacturing and developing UOTTA-powered battery-swapping stations, developing and upgrading UOTTA technologies, and working capital purposes.”
While the drop in price for UCAR stock today might worry some investors, it’s important to look at how the shares performed on their first day of trading. The stock rocketed 619% during normal trading hours yesterday. That came alongside 3.5 million shares of the stock changing hands.
As far as today’s movement goes, more than 165,000 shares of UCAR stock have changed hands as of this writing. This has the company’s stock down 35.2% during pre-market trading on Friday.
What to Know About UCAR Stock
U Power is looking to become a major player in the electric vehicle (EV) market with its proprietary battery-swapping technology. The company’s modular battery-swapping has been in development since 2013. Its UOTTA technology is already protected by 14 patents with another 24 pending.
U Power currently operates a single manufacturing factory in Zibo City, China. It has two types of battery swapping stations available and currently serves some of China’s lower-tier cities.
Investors seeking more of the most recent stock market news will want to keep reading!
InvestorPlace is offering up all of the hottest stock market news traders need to know about on Friday! A few examples include why shares of Wang & Lee Group (NASDAQ:WLGS) and U.S. Goldmining (NASDAQ:USGO, NASDAQ:USGOW) stock are up, as well as the biggest pre-market stock movers this morning. You can check out all of that market news below!
More Friday Stock Market News
- Why Is Wang & Lee Group (WLGS) Stock Up 30% Today?
- Why Is US Goldmining (USGO,USGOW) Stock Up Today?
- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Friday
On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
