UTime Limited Announces Pricing of $5 Million Registered Direct Offering
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), un produttore di dispositivi mobili, ha annunciato un offerta diretta registrata di 5 milioni di dollari delle sue azioni ordinarie. L'azienda ha concordato di vendere 7.692.308 azioni ordinarie a un prezzo di acquisto di 0,65 dollari per azione a determinati investitori accreditati. Si prevede che l'offerta si chiuda intorno al 16 settembre 2024, soggetta a condizioni di chiusura consuete. Le azioni sono offerte in base a un dichiarazione di registrazione shelf sul modulo F-3 depositata presso la SEC. UTime mira a fornire prodotti e soluzioni a prezzi competitivi ai consumatori a livello globale, con particolare attenzione alle persone a basso reddito nei mercati consolidati ed emergenti.
UTime (Nasdaq: WTO), un fabricante de dispositivos móviles, ha anunciado una oferta directa registrada de 5 millones de dólares de sus acciones ordinarias. La empresa ha acordado vender 7,692,308 acciones ordinarias a un precio de compra de 0.65 dólares por acción a ciertos inversores acreditados. Se espera que la oferta se cierre alrededor del 16 de septiembre de 2024, sujeta a condiciones de cierre habituales. Las acciones se ofrecen según una declaración de registro en estante en el Formulario F-3 presentada ante la SEC. UTime tiene como objetivo proporcionar productos y soluciones rentables a los consumidores a nivel global, enfocándose especialmente en las personas de bajos ingresos en mercados consolidados y emergentes.
UTime (Nasdaq: WTO), 모바일 기기 제조업체가 500만 달러 규모의 등록 직접 공모를 발표했습니다. 이 회사는 특정 인가된 투자자에게 7,692,308주의 보통주를 주당 0.65달러의 구매 가격으로 판매하기로 합의했습니다. 이 공모는 2024년 9월 16일경에 마감될 것으로 예상되며, 관례적인 마감 조건에 따라 진행됩니다. 주식은 SEC에 제출된 폼 F-3의 선반 등록 성명서에 따라 제공됩니다. UTime은 개발된 시장과 신흥 시장에서 저소득 개인에게 특히 집중하여 전 세계 소비자에게 비용 효율적인 제품과 솔루션을 제공하는 것을 목표로 하고 있습니다.
UTime (Nasdaq: WTO), un fabricant de dispositifs mobiles, a annoncé une offre directe enregistrée de 5 millions de dollars de ses actions ordinaires. L'entreprise a convenu de vendre 7 692 308 actions ordinaires à un prix d'achat de 0,65 dollar par action à certains investisseurs accrédités. On s'attend à ce que l'offre se clôture autour du 16 septembre 2024, sous réserve des conditions de clôture habituelles. Les actions sont proposées conformément à une déclaration d'enregistrement sur étagère au formulaire F-3 déposée auprès de la SEC. UTime a pour objectif de fournir des produits et des solutions rentables aux consommateurs du monde entier, en se concentrant particulièrement sur les personnes à faible revenu dans les marchés établis et émergents.
UTime (Nasdaq: WTO), ein Hersteller von mobilen Geräten, hat ein direktes registriertes Angebot über 5 Millionen Dollar seiner Stammaktien angekündigt. Das Unternehmen hat zugestimmt, 7.692.308 Stammaktien zu einem Kaufpreis von 0,65 Dollar pro Aktie an bestimmte akkreditierte Investoren zu verkaufen. Es wird erwartet, dass das Angebot rund um den 16. September 2024 geschlossen wird, vorbehaltlich der üblichen Abschlussbedingungen. Die Aktien werden gemäß einer Shelf-Registrierungsanmeldung auf Formular F-3 angeboten, die bei der SEC eingereicht wurde. UTime zielt darauf ab, kostengünstige Produkte und Lösungen für Verbraucher weltweit anzubieten, wobei der Schwerpunkt auf einkommensschwachen Personen in etablierten und aufstrebenden Märkten liegt.
- Secured $5 million in funding through registered direct offering
- Offering price of $0.65 per share, above the current market price
- Funds can be used for company growth and expansion
- Potential dilution of existing shareholders' ownership
- Offering price represents a discount to recent trading prices
- Additional shares may put downward pressure on stock price
Insights
UTime's $5 million registered direct offering at
UTime's focus on cost-effective products for low-income consumers in emerging markets presents a double-edged sword. While tapping into a vast, underserved market, it also faces intense competition and thin profit margins. The need for this capital raise suggests challenges in organic growth or profitability. The timing and pricing of this offering may indicate market skepticism about UTime's business model or execution capabilities. However, if UTime can effectively deploy this capital to expand its market presence or innovate its product line, it could potentially strengthen its position in the budget smartphone segment. Investors should watch for concrete plans on how UTime intends to use these funds to drive sustainable growth and differentiate itself in a crowded market.
The use of a shelf registration statement for this offering provides UTime with flexibility for future capital raises, but also signals potential ongoing financial needs. The company's compliance with SEC regulations, including the filing of a prospectus supplement, demonstrates transparency. However, investors should note the cautionary language regarding the offer and sale of securities, which is standard but underscores the risks involved. The closing conditions mentioned in the announcement introduce an element of uncertainty; investors should be aware that the deal isn't finalized until these conditions are met. This offering's structure and execution reflect UTime's attempt to balance its capital needs with regulatory compliance, a important consideration for investors evaluating the company's governance and risk profile.
NEW YORK, Sept. 13, 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 today announced that it has entered into a securities purchase agreement with certain accredited investor to sell
Under the terms of the securities purchase agreement, UTime has agreed to sell 7,692,308 ordinary shares with a purchase price of
The registered direct offering is expected to close on or about September 16, 2024, subject to the satisfaction of customary closing conditions.
The ordinary shares being sold pursuant to the registered direct offering are being made pursuant to a shelf registration statement on Form F-3 (File No. 333-278912), intially filed with the Securities and Exchange Commission (the "SEC") on April 24, 2024, and declared effective on June 10, 2024. Such securities are being offered only by means of a prospectus. A prospectus supplement and the accompanying prospectus relating to and describing the terms of the registered direct offering will be filed with the SEC. When available, copies of the prospectus supplement and the accompanying prospectus relating to the registered direct offering may be obtained at the SEC's website www.sec.gov or by contacting the Company, 7th Floor, Building 5A, Shenzhen Software Industry Base, Nanshan District, Shenzhen, People’s Republic of China 518061.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or 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 jurisdiction.
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 size of UTime 's (UTME) recent registered direct offering?
How many shares is UTime (UTME) selling in the September 2024 offering?
What is the purchase price per share for UTime 's (UTME) September 2024 offering?
When is the expected closing date for UTime 's (UTME) $5 million offering?
