UTime Limited Regains Compliance with Nasdaq Minimum Closing Bid Price Rule

NEW YORK, Aug. 13, 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, announced today that it received a formal notification from the Nasdaq Stock Market LLC (“Nasdaq”) that the Company has regained compliance with Nasdaq Listing Rule 5550(a)(2), which requires the Company’s ordinary shares to maintain a minimum bid price of $1.00 per share.

The Nasdaq staff made this determination of compliance after the closing bid price of the Company’s common stock has been at $1.00 per share or greater for the last 11 consecutive business days from July 26, 2024 to August 9, 2024. Accordingly, the Company has regained compliance with Nasdaq Listing Rule 5550(a)(2) and this bid price deficiency matter is now closed.

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 .

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 August 8, 2023. 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.

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