UTime Limited - UTME STOCK NEWS

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), 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.