UTime Limited Received Nasdaq Notification Letter Regarding Bid Price Deficiency

Rhea-AI Summary

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.

Positive

• None.

Negative

• 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

News Market Reaction

-2.54%

1 alert

-2.54% News Effect

On the day this news was published, WTO declined 2.54%, reflecting a moderate negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

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 $1.00 for a period of 30 consecutive business days and the Company therefore no longer meets the minimum bid price requirements set forth in Nasdaq Listing Rule 5550(a)(2).

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 $1 for a minimum of 10 consecutive business days, Nasdaq will provide the Company written confirmation of compliance.

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?

UTime (UTME) has until April 8, 2025, to regain compliance with Nasdaq's minimum bid price requirement of $1.00 per share.

How can UTime (UTME) regain compliance with Nasdaq's listing requirements?

UTime (UTME) can regain compliance by maintaining a closing bid price of at least $1.00 for a minimum of 10 consecutive business days before April 8, 2025.

What happens if UTime (UTME) fails to meet Nasdaq's minimum bid price requirement by April 8, 2025?

If UTime (UTME) fails to meet the requirement by April 8, 2025, it may be eligible for an additional 180 calendar days to regain compliance, provided it meets other listing standards and submits a written notice of intention to cure the deficiency.

When did UTime (UTME) receive the Nasdaq notification letter regarding bid price deficiency?

UTime (UTME) received the Nasdaq notification letter regarding bid price deficiency on October 10, 2024.