UTime prices $1.2M registered direct offering at $1.20 per share

UTime (WTO) 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.