SHANGHAI, March 19, 2026 /PRNewswire/ — U Power Limited (Nasdaq: UCAR) (the “Company” or “U Power”), a provider of AI-integrated solutions for next-generation energy grids and intelligent transportation systems, today announced the pricing of an underwritten public offering of 13,360,000 Units, on a firm commitment basis, at a price to the public of $0.449 per Unit. 

Each Unit consists of one Class A ordinary share, par value $0.00001 per share (each, a “Class A Ordinary Share,” and collectively, the “Class A Ordinary Shares”), and one Class A warrant (each, a “Warrant,” and collectively, the “Warrants”). Each Warrant will expire one year from the date of issuance, and is exercisable immediately on the date of issuance at the initial exercise price of US$0.449 per share, subject to adjustment on the 2nd and 5th trading days following the closing of this Offering to the price that is equal to 70% and 50%, respectively, of the initial exercise price of the Warrants, and the number of Class A Ordinary Shares underlying the Warrants will be proportionately increased. The Warrants may, at any time following the closing of the Offering and in the holders’ sole discretion, be exercised in whole or in part by means of a zero exercise price option, in which the holders will receive twice the number of Class A Ordinary Shares that would be issuable upon a cash exercise of the Warrant, without payment of additional consideration. 

The Company has granted the underwriter a 45-day option to purchase up to an additional 2,004,000 Class A Ordinary Shares and/or additional 2,004,000 Warrants, or any combination thereof, as determined by the underwriter, at its respective public offering price less underwriting discounts and commissions.

The gross proceeds from the offering, before deducting underwriting discounts and other offering expenses, and excluding any proceeds from exercise of the Warrants, are expected to be approximately $6.0 million. The closing of the offering is expected to occur on or about March 20, 2026, subject to the satisfaction of customary closing conditions. 

Maxim Group LLC is acting as the exclusive underwriter for the offering.

The securities described above are being offered pursuant to a registration statement on Form F-1 (File No. 333-294161) initially publicly filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 10, 2026, under the Securities Act of 1933, as amended (the “Registration Statement”), which was declared effective by the SEC on March 18, 2026. The offering is being made only by means of a prospectus which forms a part of the effective registration statement. A preliminary prospectus relating to the offering has been filed with the SEC, and a final prospectus relating to the offering will be filed with the SEC before closing of the offering. Electronic copies of the preliminary prospectus and final prospectus, when available, may be obtained on the SEC’s website at www.sec.gov and may also be obtained by contacting Maxim Group LLC at 300 Park Avenue, 16th Floor, New York, NY 10022, Attention: Prospectus Department, or by telephone at (212) 895-3745 or by email at syndicate@maximgrp.com.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.

About U Power Limited

U Power is a provider of comprehensive AI-integrated energy solutions that connect electric vehicles (EVs) with advanced energy infrastructure, optimizing both mobility and grid performance. Originally a distributor of various battery-swapping station models built on its proprietary modular battery-swapping technology UOTTA™, U Power has evolved into a provider of AI-integrated solutions for energy grids and transportation systems.

Through investments in next-generation technologies, U Power is building intelligent ecosystems that integrate resilient AI driven solutions able to transform EVs into dynamic energy assets. By incorporating AI algorithms, U Power’s comprehensive solutions for smart energy grids are designed to support autonomous EV driving, optimize energy replenishment efficiency, and seamlessly connect EV assets with advanced AI-powered transportation systems, enabling peak and off-peak energy load balancing.

For more information, please visit the Company’s website: https://www.upower-limited.com/.

Safe Harbor Statements

This press release contains “forward-looking statements”. Forward-looking statements reflect our current view about future events. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs, which include, without limitation, the expected completion, timing and size of the offering, and the expected closing date of the offering. Investors can identify these forward-looking statements by words or phrases such as “may,” “will,” “could,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “is/are likely to,” “propose,” “potential,” “continue” or similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results, and encourages investors to review other factors that may affect its future results in the Company’s registration statements and other filings with the U.S. Securities and Exchange Commission. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. References and links (including QR codes) to websites have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release.

Contact

U Power Limited 
Investor Relations Department
ir@upincar.com

The Equity Group
Lena Cati, Senior Vice President
212-836-9611 / lcati@theequitygroup.com

Alice Zhang, Associate
212-836-9610 / azhang@theequitygroup.com

– Mr. James brings more than 20 years of biopharmaceutical leadership experience, with deep expertise in capital markets, investor relations, and corporate strategy, serving in senior executive roles at Acceleron Pharma prior to its $11.5 billion acquisition by Merck and at Viridian Therapeutics –

BOSTON, March 19, 2026 /PRNewswire/ — Bambusa Therapeutics, Inc. (“Bambusa”), a clinical-stage biotechnology company pioneering next-generation bispecific antibodies for immunology and inflammation (I&I), today announced the appointment of Mr. Todd James as Executive Vice President, Chief Financial Officer (CFO). Mr. James’s appointment strengthens Bambusa’s financial leadership, stakeholder engagement, and expands its executive team as the Company advances its clinical pipeline and executes its long-term growth strategy.

“We are thrilled to welcome Todd to Bambusa as our Chief Financial Officer,” said Dr. Shanshan Xu, Founder and Chief Executive Officer of Bambusa Therapeutics. “As we continue to scale our company and expand our executive team, Todd brings a proven track record of capital markets execution and strategic leadership. Having had the opportunity to engage with him in my time as a research analyst—and most recently benefiting from his collaboration as a senior advisor to Bambusa—I have seen firsthand his ability to support long-term value creation through shaping corporate strategy, educating and engaging key external stakeholders, and building high-performing teams. His addition comes at a pivotal time as we advance our innovative bispecific antibody pipeline in I&I toward our 2+2 vision—advancing BBT001 and BBT002 into pivotal studies and progressing BBT003 and BBT004 into proof-of-concept studies for 2028.”

Mr. James brings more than 20 years of senior leadership experience in the biopharmaceutical industry, with deep expertise in capital markets, investor relations, and corporate strategy. He most recently served as Senior Vice President of Corporate Affairs and Investor Relations and was a member of the executive leadership team at two publicly traded biotechnology companies: Acceleron Pharma, prior to its $11.5 billion acquisition by Merck, and Viridian Therapeutics.

During his tenure at Acceleron from 2015 to 2021, Mr. James established and led the company’s in-house investor relations, corporate affairs, and internal and external communications functions. He was a key contributor to Acceleron’s strategic financing activities, helping execute four successful financings that collectively raised more than $1 billion. From 2019 through 2021, he was named to Institutional Investor magazine’s All-America Executive Team as Best Investor Relations Professional in Biotechnology.

Earlier in his career, Mr. James spent nine years at Trout Group and Trout Capital, where he advised biopharmaceutical companies on investor relations, capital raising, and corporate strategy. He began his career on Wall Street within the Biotechnology Capital Markets Intelligence team at Thomson Financial. Mr. James holds a Bachelor of Arts degree in Economics, with a concentration in Finance from Moravian University.

“Shanshan and the Bambusa team have built a differentiated biopharmaceutical company focused on the I&I space, anchored by a platform of bispecific antibodies designed to engage complementary, validated therapeutic targets,” said Mr. James. “I am excited to partner with the team to further strengthen Bambusa’s financial strategy and external engagement as we advance the Company’s mission to deliver transformative medicines across I&I disease areas while creating meaningful long-term value for patients and investors.”

About Bambusa Therapeutics

Bambusa Therapeutics is a clinical-stage biotechnology company developing a portfolio designed to transform care across a wide spectrum of chronic diseases. Powered by an innovative antibody engineering platform featuring half-life extension and high-concentration subcutaneous delivery, Bambusa’s vision is to deliver transformative medicines for patients across every stage of life — setting a new pace for the next era of I&I therapeutics.

• BBT001 is a first-in-class half-life-extended bispecific antibody targeting IL-4Rα and IL-31 with best-in-disease potential. It is currently in Phase Ib proof-of-concept development for atopic dermatitis and other type 2 inflammatory skin diseases.
• BBT002 is a first-in-class half-life-extended bispecific antibody targeting IL-4Rα and IL-5 with platform-in-a-molecule potential. It is currently in Phase Ib proof-of-concept development for type 2 inflammatory disorders including COPD, asthma, chronic rhinosinusitis with nasal polyps (CRSwNP), eosinophilic esophagitis, and food allergy.
• BBT003 and BBT004 are preclinical programs focused on gastroenterology and rheumatology, respectively.

NANTONG, China, March 19, 2026 /PRNewswire/ — Ractigen Therapeutics, a pioneering clinical-stage biotechnology company developing innovative small activating RNA (saRNA) therapeutics, today announced that China’s National Medical Products Administration (NMPA) Center for Drug Evaluation (CDE) has approved its Investigational New Drug (IND) application to initiate a Phase II clinical trial of RAG-01 for the treatment of Non-Muscle Invasive Bladder Cancer (NMIBC).

This significant milestone makes RAG-01 the second saRNA therapeutic to receive IND approval in China, both of which were developed by Ractigen. This approval not only solidifies Ractigen’s global leadership in saRNA technology but also serves as a critical clinical validator for the company’s broader RNA activation (RNAa) platform and its LiCO^TM delivery technology.

RAG-01 is a novel saRNA therapeutic designed to upregulate p21, a key regulator of cell cycle arrest and cellular senescence, to inhibit the abnormal proliferation of bladder cancer cells. This innovative saRNA therapeutic aims to treat NMIBC by increasing p21 mRNA and protein levels.

The progression of RAG-01 into Phase II clinical development follows highly encouraging Phase I data from Australia, which demonstrated clear target engagement (p21 protein upregulation), a favorable safety profile, and promising complete response (CR) signals.

“We are very pleased to receive IND approval from the China NMPA CDE for the Phase II trial of RAG-01,” said Dr. Long-Cheng Li, Founder and CEO of Ractigen Therapeutics. “This approval is an important validation of both the RAG-01 program and the broader potential of saRNA therapeutics. RAG-01 reflects our innovation strategy of activating endogenous disease-relevant genes that have long been considered difficult to drug. We believe this differentiated mechanism, together with local bladder delivery, may offer a meaningful new treatment option for patients with NMIBC. We look forward to working closely with investigators and regulatory authorities to advance this program.”

The Phase II study is a randomized, controlled, multi-center trial designed to evaluate the efficacy and safety of RAG-01 as monotherapy and in combination with chemotherapy in patients with intermediate- and high-risk NMIBC. The China study builds on encouraging preliminary data from the ongoing Phase I clinical trial in Australia, where RAG-01 has demonstrated favorable safety, clear target engagement, and anti-tumor activity.

About RAG-01

RAG-01 is a pioneering saRNA therapeutic candidate designed to activate the tumor suppressor gene p21 via RNA activation (RNAa). The product is administered through intravesical instillation using Ractigen’s proprietary LiCO™ delivery technology. In the Phase I clinical trial conducted in Australia, RAG-01 has shown encouraging  preliminary safety, target engagement, and efficacy data. In 2024, RAG-01 received IND clearance from the U.S. Food and Drug Administration (FDA) and was granted Fast Track designation.

About NMIBC

Non-muscle invasive bladder cancer (NMIBC) is a common malignancy confined to the lining of the bladder. The standard first-line treatment is transurethral resection of the bladder tumor (TURBT) followed by intravesical BCG or chemotherapy. However, a significant proportion of patients experience treatment failure or multiple recurrences, highlighting the need for new and effective treatment options.

About RNAa

RNA activation is a clinically validated platform technology developed by Dr. Long-Cheng Li and his team. It utilizes saRNAs to target gene regulatory domains, activating gene expression and restoring therapeutic protein levels. This innovative technology holds vast potential for developing therapeutic drugs across various diseases, particularly where traditional methods fall short.

About Ractigen Therapeutics

Ractigen Therapeutics is a clinical-stage biopharmaceutical company innovating next-generation RNA therapeutics, with a primary focus on small activating RNAs (saRNAs) developed through its clinically validated RNA activation (RNAa) technology. Leveraging proprietary delivery platforms such as SCAD™, LiCO™, and GLORY™, Ractigen is advancing a robust pipeline addressing unmet medical needs in oncology, neurological diseases, and genetic disorders. Its versatile technologies also enable the rapid development of RNA-based solutions, including siRNAs, where applicable, to target life-threatening, fast-progressing conditions such as those in the CNS. Committed to scientific excellence and patient-centered innovation, Ractigen strives to transform healthcare through the power of RNA therapeutics. For more information, visit www.ractigen.com.

LETHAM, Scotland, March 19, 2026 /PRNewswire/ — MDJM LTD (Nasdaq: UOKA) (the “Company”), an integrated global culture innovation company, today announced that the Company received a staff determination letter (the “Letter”), on March 13, 2026, from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”), notifying the Company that, as the Company’s securities had a closing bid price of $0.10 or less for 10 consecutive business days, its securities would be suspended effective with the open of trading on March 20, 2026. Because the Company effected a 1 for 25 reverse stock split on May 20, 2025,the Company is also subject to the provisions set forth in Nasdaq Listing Rule 5810(c)(3)(A)(iii) and Rule 5810(c)(3)(A)(iv). In addition, following the Nasdaq Listing Qualifications Panel’s decision dated November 19, 2025, the Company is subject to a Discretionary Panel Monitor under Nasdaq Listing Rule 5815(d)(4)(A) for a period of one year.

The Company intends to timely request a hearing before an independent Hearings Panel (the “Panel”). Notwithstanding, given that the Company traded below $0.10 for 10 consecutive business days, the hearing request will not stay the suspension of the Company’s securities. During the pendency of the hearing, the Company expects that its securities will be eligible to be traded on the OTC Markets under the same ticker symbol “UOKA.” There can be no assurance that the Panel will grant the Company’s request for continued listing or otherwise provide relief from the suspension determination, and the ultimate outcome of the hearing process remains uncertain.

The Company is currently considering all options available to regain compliance with Nasdaq’s listing requirements and return to good standing on Nasdaq, including a reverse stock split, which became effective on March 16, 2026, and will provide its shareholders with any material updates when they are available.

About MDJM LTD

MDJM LTD is a global culture innovation company focused on cultural IP development, animation production, international licensing, and cultural venue operations. The Company has been expanding its operations in the UK, where it is developing projects such as Fernie Castle in Scotland and the Robin Hill Property in England. These properties are being remodeled into multi-functional cultural venues that will feature fine dining, hospitality services, art exhibitions, and cultural exchange events. As part of its broader strategy, the Company is collaborating with select European animation studios to develop animated short films that blend Eastern themes with Western artistry. The Company aims to integrate Eastern philosophy with international artistic practices, creating a global cultural ecosystem built on storytelling and immersive experience. This initiative reflects the Company’s commitment to furthering its global market expansion and enhancing its cultural business footprint. For more information regarding the Company, please visit https://www.ir-uoka.com/.

Forward-Looking Statements

This announcement contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that the Company believes may affect its financial condition, results of operations, business strategy, and financial needs. Investors can identify these forward-looking statements by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s annual report on Form 20-F and its other filings with the U.S. Securities and Exchange Commission.

Investor Contact

Sherry Zheng
WAVECREST GROUP INC.
Phone: +1 718-213-7386
Email: sherry@wavecrestipo.com