UTime Receives Nasdaq Notification Regarding Minimum Bid Price Deficiency
March 30 2023 - 4:10PM
UTime Limited (“UTime” or the “Company”) (Nasdaq: UTME), 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, have better
access to updated mobile technology, today announced that the
Company received a written notification (the “Notification Letter”)
from the Nasdaq Stock Market LLC (“Nasdaq”) on March 24, 2023,
notifying the Company that it is not in compliance with the minimum
bid price requirement set forth in Nasdaq Rules for continued
listing on the Nasdaq.
Nasdaq Listing Rule 5550(a)(2) requires listed
securities to maintain a minimum bid price of US$1.00 per share,
and Nasdaq Listing Rule 5810(c)(3)(A) provides that a failure to
meet the minimum bid price requirement exists if the deficiency
continues for a period of 30 consecutive business days. Based on
the closing bid price of the Company’s ordinary shares for the 30
consecutive business days from February 9, 2023 to March 23, 2023,
the Company no longer meets the minimum bid price requirement.
The Notification Letter does not impact the
Company’s listing on the Nasdaq Capital Market at this time. In
accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company has
been provided 180 calendar days, or until September 20, 2023, to
regain compliance with Nasdaq Listing Rule 5550(a)(2). To regain
compliance, the Company’s ordinary shares must have a closing bid
price of at least US$1.00 for a minimum of 10 consecutive business
days. In the event the Company does not regain compliance by
September 20, 2023, the Company may be eligible for additional time
to regain compliance or may face delisting.
About UTime
Limited
UTime Limited operates as 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. UTime Limited is
mainly engaged in the design, development, production, sales and
brand operation of mobile phones, accessories and related consumer
electronics. UTime Limited values systematic management and
organizes production with strict high-quality standards and
production technologies. UTime Limited continuously endeavors to
improve its overall manufacturing service level, to strengthen its
cost control processes, and enhance its ability to respond rapidly
to market dynamics for sustainable development in its Electronics
Manufacturing Services segment.
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 October 31, 2022. 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 investor and media inquiries, please
contact:
In China:
Wonderful Sky Financial GroupMelody PanTel:
852-3970-2265E-mail: melodypanj@wsfg.hk
In the United States:
Wonderful Sky Financial GroupSana BaoTel:
+1-917-975-5673E-mail: sanabaoh@wsfg.hk
For Company Inquiries, please contact:
Yueling YuTel:
+86-755-86512181E-mail: ir@utimemoblie.com
UTime (NASDAQ:UTME)
Historical Stock Chart
From Sep 2024 to Oct 2024
UTime (NASDAQ:UTME)
Historical Stock Chart
From Oct 2023 to Oct 2024