WTO News & Events

UTime Ltd trading halted, news pending

UTime announced that its ongoing financial, legal and operational due diligence relating to the proposed transaction with Feixiaohao Technology is progressing. As previously disclosed, UTime entered into a non-binding letter of intent regarding a potential strategic transaction involving Feixiaohao. The company believes that both parties have maintained active communication and coordination throughout the due diligence process. UTime and Feixiaohao are currently working closely with their respective advisors and professional teams to evaluate various aspects of the proposed transaction, including business integration opportunities, technology infrastructure, market expansion strategies and long-term development plans.

UTime Limited announced that it has entered into a definitive securities purchase agreement with certain institutional investors for the purchase and sale of an aggregate of 1M class A ordinary share of the company at a purchase price of $1.20 per share in a registered direct offering. The gross proceeds to the company from this offering are expected to be approximately $1.2M, before deducting placement agent fees and other offering expenses payable by the company. The transaction is expected to close on or about May 4, subject to the satisfaction of customary closing conditions. Univest Securities is acting as sole placement agent for the offering.