Arena Investors LP Reports 5.4% New Stake in U Power Ltd (UCAR) Following Calculation Correction

On May 15, 2026, Arena Investors LP and its affiliated entities filed a Schedule 13G disclosing a 5.4% ownership stake in U Power Ltd (UCAR). The filing reports an aggregate ownership of 1,197,595 common shares. This position is primarily held through Arena Special Opportunities Parallel Investor Vehicle III US, LP (799,241 shares or 3.6%) and Arena Special Opportunities Partners III, LP (398,354 shares or 1.8%). The reporting persons noted that this filing was triggered by a correction in their calculation of the 5% threshold. An initial review erroneously included potential warrant exercises by third parties in the total shares outstanding. Upon recalculating based on the issuer's March 20, 2026 Prospectus and including only Arena's own exercisable warrants, the group determined they had exceeded the 5% reporting threshold as of March 27, 2026. The filing confirms the shares were acquired in the ordinary course of business and not for the purpose of influencing control of the issuer.