NEW YORK, Sept. 09, 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 will effect a reverse share split of its outstanding ordinary shares, par value $0.0001 per share (the "Ordinary Shares"), at a ratio of 1-for-25, to be effective on or around the open of trading on September 11, 2024.
Our Ordinary Shares will begin trading on a reverse share split-adjusted basis at the opening of The Nasdaq Capital Market ("Nasdaq") on or around Wednesday, September 11, 2024. Following the reverse share split, the Ordinary Shares will have a par value of $0.0001 per share and will continue to trade on Nasdaq under the symbol "WTO" with the new CUSIP number, G9411M116. The reverse share split is intended for the Company to regain compliance with the minimum bid price requirement of $1.00 per ordinary share for continued listing on Nasdaq.
No fractional shares will be issued in connection with the reverse share split and all such fractional interests will be rounded up to the nearest whole number of Ordinary Shares. In addition, the reverse share split will apply to the Ordinary Shares issuable upon the exercise of the Company's outstanding derivative securities, with proportionate adjustments to be made to the exercise prices and number of derivates thereof and under the Company's equity incentive plans.
The reverse share split will reduce the number of issued and outstanding shares of the Company's Ordinary Shares from approximately 450 million to approximately 18 million.
On August 28, 2024, the shareholders of the Company approved the reverse share split of the Ordinary Shares, at a ratio of 1-for-25.
VStock Transfer, LLC is acting as the exchange agent and paying agent for the reverse share split. Shareholders holding their shares in book-entry form or in brokerage accounts need not take any action in connection with the reverse share split.
VStock Transfer, LLC will provide instructions to any shareholders with certificates regarding the process in connection with the exchange of pre-reverse share split share certificates for ownership in book-entry form or share certificates on a post-reverse share split basis. Shareholders are encouraged to contact their bank, broker or custodian with any procedural questions.
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
