UTime Limited Received Nasdaq Notification Letter Regarding Bid Price Deficiency
UTime (Nasdaq: WTO) announced receiving a notification letter from Nasdaq on October 10, 2024, regarding its failure to meet the minimum bid price requirement. The company's ordinary shares have been below $1.00 for 30 consecutive business days, violating Nasdaq Listing Rule 5550(a)(2). UTime has until April 8, 2025, to regain compliance by maintaining a closing bid price of at least $1 for a minimum of 10 consecutive business days.
If UTime fails to meet this requirement within the initial 180-day period, it may be eligible for an additional 180 calendar days, provided it meets other continued listing requirements and submits a written notice of intention to cure the deficiency. The notification has no immediate effect on UTime's Nasdaq listing.
UTime (Nasdaq: WTO) ha annunciato di aver ricevuto una lettera di notifica da Nasdaq il 10 ottobre 2024, riguardo alla sua mancata conformità al requisito del prezzo minimo dell'offerta. Le azioni ordinarie della società sono state al di sotto di $1,00 per 30 giorni lavorativi consecutivi, violando la Regola di quotazione 5550(a)(2) di Nasdaq. UTime ha tempo fino all'8 aprile 2025 per ripristinare la conformità mantenendo un prezzo di chiusura di almeno $1 per un minimo di 10 giorni lavorativi consecutivi.
Se UTime non riesce a soddisfare questo requisito entro il periodo iniziale di 180 giorni, potrebbe essere idonea per ulteriori 180 giorni civili, a condizione che soddisfi altri requisiti di quotazione continuata e invii una comunicazione scritta di intenzione di sanare la carenza. La notifica non ha effetto immediato sulla quotazione di UTime nel Nasdaq.
UTime (Nasdaq: WTO) anunció que recibió una carta de notificación de Nasdaq el 10 de octubre de 2024, relacionada con su incumplimiento del requisito del precio mínimo de oferta. Las acciones ordinarias de la compañía han estado por debajo de $1.00 durante 30 días hábiles consecutivos, violando la Regla de Cotización 5550(a)(2) de Nasdaq. UTime tiene hasta el 8 de abril de 2025 para recuperar la conformidad manteniendo un precio de cierre de al menos $1 durante un mínimo de 10 días hábiles consecutivos.
Si UTime no cumple con este requisito dentro del período inicial de 180 días, puede ser elegible para otros 180 días calendario, siempre que cumpla con otros requisitos de cotización continua y envíe un aviso escrito de intención de subsanar la deficiencia. La notificación no tiene efecto inmediato sobre la cotización de UTime en Nasdaq.
UTime (Nasdaq: WTO)는 2024년 10월 10일 Nasdaq로부터 최소 입찰가 요건을 충족하지 못했다는 통지서를 받았다고 발표했습니다. 이 회사의 보통주가 30일 연속 사업일 동안 $1.00 이하로 유지되어 Nasdaq 상장 규칙 5550(a)(2)를 위반했습니다. UTime은 2025년 4월 8일까지 준수를 회복할 수 있는 기한이 있습니다 최소 10일 연속 사업일 동안 $1의 종가를 유지함으로써.
만약 UTime이 초기 180일 이내에 이 요건을 충족하지 못할 경우, 다른 계속 상장 요건을 충족하고 부족을 해소하기 위한 의도서면을 제출하는 조건으로, 추가 180일이 주어질 수 있습니다. 이 통지는 UTime의 Nasdaq 상장에 즉각적인 영향을 미치지 않습니다.
UTime (Nasdaq: WTO) a annoncé avoir reçu une lettre de notification de Nasdaq le 10 octobre 2024 concernant son incapacité à respecter l'exigence de prix d'offre minimal. Les actions ordinaires de la société ont été sous 1,00 $ pendant 30 jours ouvrables consécutifs, ce qui enfreint la Règle de cotation 5550(a)(2) de Nasdaq. UTime a jusqu'au 8 avril 2025 pour retrouver la conformité en maintenant un prix de clôture d'au moins 1 $ pendant un minimum de 10 jours ouvrables consécutifs.
Si UTime ne respecte pas cette exigence dans la période initiale de 180 jours, elle pourrait être éligible pour une période supplémentaire de 180 jours, à condition qu'elle respecte d'autres exigences de cotation continue et soumette un avis écrit d'intention de remédier à la déficience. La notification n'a pas d'effet immédiat sur la cotation de UTime sur Nasdaq.
UTime (Nasdaq: WTO) gab bekannt, dass es am 10. Oktober 2024 ein Benachrichtigungsschreiben von Nasdaq erhalten hat, das sich auf die Nichterfüllung der Mindestgebotsanforderung bezieht. Die Stammaktien des Unternehmens lagen 30 aufeinanderfolgende Geschäftstage unter 1,00 USD und verletzten damit die Nasdaq-Listing-Regel 5550(a)(2). UTime hat bis zum 8. April 2025 Zeit, um wieder konform zu werden, indem es einen Schlusskurs von mindestens 1 USD für mindestens 10 aufeinanderfolgende Geschäftstage aufrechterhält.
Falls UTime diese Voraussetzung innerhalb des anfänglichen 180-Tage-Zeitraums nicht erfüllt, kann es für weitere 180 Kalendertage berechtigt sein, vorausgesetzt, es erfüllt andere fortlaufende Listungsanforderungen und reicht eine schriftliche Mitteilung über die Absicht ein, den Mangel zu beheben. Die Benachrichtigung hat keine sofortige Auswirkung auf die Nasdaq-Notierung von UTime.
- None.
- UTime's stock price has fallen below $1.00 for 30 consecutive business days
- The company is at risk of delisting from Nasdaq if it fails to regain compliance
- UTime may need to consider a reverse stock split to meet listing requirements
Insights
This Nasdaq notification regarding bid price deficiency is a significant concern for UTime The company's stock has traded below
UTime now faces a critical period to regain compliance by April 8, 2025. They have options to address this:
- Naturally increase share price through improved financial performance or positive news
- Conduct a reverse stock split to artificially boost share price
- Potentially face delisting if unable to meet requirements
For investors, this news signals increased risk. Delisting could severely impact liquidity and valuation. However, the extended compliance period provides time for the company to implement strategies to improve its market position. Investors should closely monitor UTime's actions and financial performance in the coming months to assess the likelihood of maintaining Nasdaq listing.
NEW YORK, Oct. 17, 2024 (GLOBE NEWSWIRE) -- UTime Limited (“UTime” or the “Company”) (Nasdaq: WTO), a mobile device manufacturing company committed to providing cost effective products and solutions to consumers globally and helping low-income individuals from established and emerging markets, announced today that on October 10, 2024, the Company received a notification letter from the Nasdaq Listing Qualifications Staff of The NASDAQ Stock Market LLC (“Nasdaq”) notifying the Company that the minimum bid price per share for its ordinary shares has been below
The notification received has no immediate effect on the listing of the Company’s ordinary shares on Nasdaq. Under the Nasdaq Listing Rules, the Company has until April 8, 2025, to regain compliance. If at any time during such 180-day period the closing bid price of the Company’s ordinary shares is at least
If the Company does not regain compliance during such 180-day period, the Company may be eligible for an additional 180 calendar days, provided that the Company meets the continued listing requirement for market value of publicly held shares and all other initial listing standards for Nasdaq except for Nasdaq Listing Rule 5550(a)(2), and provide a written notice of its intention to cure this deficiency during the second compliance period, by effecting a reverse stock split, if necessary.
About UTime
UTime Ltd., established in 2008, is committed to providing cost-effective mobile devices to consumers globally and to helping low-income individuals from established markets, including the United States and emerging markets such as India and other countries in South Asia and Africa have better access to updated mobile technology. Since July 2023, we have added smart electric vehicle chargers into our product lines in response to the global demand for energy conservation and carbon reduction. For more information, visit the Company’s website at http://www.utimeworld.com/.
Forward-Looking Statements
Statements in this press release about future expectations, plans and prospects, as well as any other statements regarding matters that are not historical facts, may constitute “forward-looking statements” within the meaning of The Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements relating to the ability of the Company to regain compliance with Nasdaq continued listing requirements. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors discussed in the “Risk Factors” section of the Annual Report in Form 20-F filed with the SEC on July 30, 2024. Any forward-looking statements contained in this press release speak only as of the date hereof, and the Company specifically disclaims any obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.
For more information, please contact:
PR
Email: pr@westock.com
FAQ
What is the deadline for UTime (UTME) to regain compliance with Nasdaq's minimum bid price requirement?
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