UTime announces 1-for-25 reverse share split

UTime will effect a reverse share split of its outstanding ordinary shares, par value $0.0001 per share, at a ratio of 1-for-25, to be effective on or around the open of trading on September 11, 2024. Ordinary Shares will begin trading on a reverse share split-adjusted basis at the opening of The Nasdaq Capital Market 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.