UTime Limited Announces 1-For-25 Reverse Share Split
10 9월 2024 - 12:00AM
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
UTime (NASDAQ:WTO)
과거 데이터 주식 차트
부터 9월(9) 2024 으로 10월(10) 2024
UTime (NASDAQ:WTO)
과거 데이터 주식 차트
부터 10월(10) 2023 으로 10월(10) 2024