UTime Limited - UTME STOCK NEWS

UTime (Nasdaq: WTO), a mobile device manufacturer, has announced a $5 million registered direct offering of its ordinary shares. The company has agreed to sell 7,692,308 ordinary shares at a purchase price of $0.65 per share to certain accredited investors. The offering is expected to close around September 16, 2024, subject to customary closing conditions. The shares are being offered pursuant to a shelf registration statement on Form F-3 filed with the SEC. UTime aims to provide cost-effective products and solutions to consumers globally, particularly focusing on low-income individuals in established and emerging markets.

UTime (Nasdaq: WTO) has announced a 1-for-25 reverse share split, effective September 11, 2024. This move aims to regain compliance with Nasdaq's minimum bid price requirement of $1.00 per ordinary share. Key points include:

• Trading on a split-adjusted basis begins September 11, 2024
• New CUSIP number: G9411M116
• Outstanding shares will reduce from ~450 million to ~18 million
• No fractional shares will be issued; all fractional interests rounded up
• Adjustments will be made to outstanding derivative securities and equity incentive plans

VStock Transfer, is acting as the exchange agent. Shareholders with book-entry or brokerage accounts need not take action, while those with certificates will receive instructions for the exchange process.

UTime (Nasdaq: WTO), a mobile device manufacturing company, has regained compliance with Nasdaq's minimum bid price requirement. The company received formal notification from Nasdaq that it has met the listing rule 5550(a)(2), which mandates a minimum bid price of $1.00 per share. This compliance was achieved after UTime's closing bid price remained at or above $1.00 for 11 consecutive business days from July 26, 2024 to August 9, 2024. As a result, the bid price deficiency matter has been closed, ensuring UTime's continued listing on the Nasdaq Stock Market.

UTime Limited (Nasdaq: UTME) reported that it received a Notification Letter from Nasdaq on March 24, 2023, indicating non-compliance with the minimum bid price requirement of $1.00 per share. This deficiency arose after the Company's ordinary shares closed below the minimum bid price for 30 consecutive business days from February 9 to March 23, 2023. UTime has until September 20, 2023 to regain compliance by maintaining a closing bid price of at least $1.00 for 10 consecutive business days. If compliance is not restored, the Company may qualify for additional time or face delisting.

UTime Limited (Nasdaq: UTME) reported its financial results for the six months ending September 30, 2022, revealing a revenue increase of 26.5% to approximately RMB127.8 million (US$18 million). The gross profit margin improved to 9.9%, up from 8.2%, due to higher sales of advanced mobile devices and lower raw material costs. However, net loss expanded by 67% to RMB15.6 million (US$2.2 million) due to increased operating expenses. Operating expenses rose 49% to approximately RMB24.3 million (US$3.4 million), influenced largely by R&D and general administrative costs. Cash and cash equivalents stood at US$10.5 million as of September 30, 2022.

UTime Limited (NASDAQ: UTME) announced it received a Notice from Nasdaq regarding its failure to file its Annual Report on Form 20-F for the fiscal year ending March 31, 2022, on time. The Notice cites non-compliance with Nasdaq’s listing rules. The company has until October 17, 2022, to submit a plan to regain compliance, with a potential extension until February 13, 2023. While there is no immediate effect on the listing, failure to comply could lead to delisting.

The company is actively working on filing its Form 20-F.