UTime prices 22.7M units at $1.10 in registered direct offering

UTime (WTO) entered into a definitive securities purchase agreement with five institutional investors for the purchase and sale of an aggregate of 22,727,275 units, consisting of one class A ordinary share of the Company, par value $0.001 per share and one Series A warrant, at a purchase price of $1.10 per Unit in a registered direct offering. The gross proceeds to the Company from this offering are expected to be approximately $25M, before deducting placement agent fees and other offering expenses payable by the Company. Each of the Warrants will have an exercise price of $1.10 per Class A Ordinary Share, will be immediately exercisable upon issuance, and will expire on the six-month anniversary of the issuance date. The aggregate gross proceeds to the Company of this offering are expected to be approximately $25M. The transaction is expected to close on or about October 17, subject to the satisfaction of customary closing conditions. Univest Securities is acting as sole placement agent for the offering.