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UTime Limited Received Nasdaq Notification Letter Regarding Bid Price Deficiency
WTOUTime(WTO) GlobeNewswire News Room·2024-10-17 20:05

Core Viewpoint - UTime Limited has received a notification from Nasdaq regarding non-compliance with minimum bid price requirements, as its share price has been below 1.00for30consecutivebusinessdays[1][2].Group1:CompanyComplianceStatus−ThenotificationdoesnothaveanimmediateeffectonUTime′slistingonNasdaq[2].−UTimehasuntilApril8,2025,toregaincompliancewiththeminimumbidpricerequirement[2].−IfUTime′ssharepricereachesatleast1.00 for 30 consecutive business days [1][2]. Group 1: Company Compliance Status - The notification does not have an immediate effect on UTime's listing on Nasdaq [2]. - UTime has until April 8, 2025, to regain compliance with the minimum bid price requirement [2]. - If UTime's share price reaches at least 1 for 10 consecutive business days during the 180-day period, Nasdaq will confirm compliance [2]. Group 2: Potential Remedies - If UTime does not regain compliance within the initial 180-day period, it may be eligible for an additional 180 days, provided it meets other listing requirements [2]. - The company may consider a reverse stock split as a potential remedy to address the bid price deficiency [2]. Group 3: Company Overview - UTime Ltd. was established in 2008 and focuses on providing cost-effective mobile devices globally, particularly to low-income individuals in both established and emerging markets [3]. - The company has expanded its product line to include smart electric vehicle chargers in response to global energy conservation demands [3].