A $3.19 million capital raise sent U Power’s stock up 331% in a day — not because the sum is large, but because the company’s market cap is $5.09 million.

A $3.19 million capital raise sent U Power’s stock up 331% in a day — not because the sum is large, but because the company’s market cap is $5.09 million. The Chinese battery-swapping company announced the private placement Wednesday, sending shares surging intraday before closing up 26.89% at $3.02. The $3.19 million infusion represents 62.67% of the firm’s total equity value. That ratio, not the headline figure, explains the reaction. The company plans to use the funds to expand its market presence, scale operations, and accelerate deployment of its proprietary battery-swapping infrastructure. The raise follows a 10-for-1 reverse stock split earlier in April, which consolidated shares and adjusted the CUSIP number. Over the past 12 months, UCAR has lost 91.25% of its value. In the last five days, it has gained 349.14%. The stock is currently trading just 4.05% above its 52-week low of $0.38, with a Relative Strength Index of 38.88. Its 52-week high stands at $49.80.